Wolfspeed (WOLF) 10-Q 30 Jan 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Dec. 29, 2019	Jan. 24, 2020
Cover page.
Entity Central Index Key	0000895419
Current Fiscal Year End Date	--06-28
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 29, 2019
Document Transition Report	false
Entity File Number	0-21154
Entity Registrant Name	CREE, INC.
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	56-1572719
Entity Address, Address Line One	4600 Silicon Drive
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27703
City Area Code	919
Local Phone Number	407-5300
Title of 12(b) Security	Common Stock, $0.00125 par value
Trading Symbol	CREE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		108,071,430

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Current assets:
Cash and cash equivalents	$ 382.6	$ 500.5
Short-term investments	568.9	550.9
Total cash, cash equivalents and short-term investments	951.5	1,051.4
Accounts receivable, net	137.2	128.9
Inventories	165.3	187.4
Income taxes receivable	1.1	0.2
Prepaid expenses	24.5	23.3
Other current assets	12.8	19.7
Current assets held for sale	0.2	1.9
Total current assets	1,292.6	1,412.8
Property and equipment, net	692.4	625.2
Goodwill	530	530
Intangible assets, net	187.7	197.9
Other long-term investments	50.7	39.5
Deferred tax assets	6	5.6
Other assets	23.4	5.9
Total assets	2,782.8	2,816.9
Current liabilities:
Accounts payable and accrued expenses	176.7	200.9
Income taxes payable	2.4	3
Accrued contract liabilities	44.4	45.8
Other current liabilities	25	18.5
Total current liabilities	248.5	268.2
Long-term liabilities:
Convertible notes, net	480.5	469.1
Deferred tax liabilities	0	2
Other long-term liabilities	57.3	36.4
Total long-term liabilities	537.8	507.5
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $0.01; 3,000 shares authorized at December 29, 2019 and June 30, 2019; none issued and outstanding	0	0
Common stock, par value $0.00125; 200,000 shares authorized at December 29, 2019 and June 30, 2019; 108,031 and 106,570 shares issued and outstanding at December 29, 2019 and June 30, 2019, respectively	0.1	0.1
Additional paid-in-capital	2,919.5	2,874.1
Accumulated other comprehensive income	9.7	9.5
Accumulated deficit	(938.1)	(847.5)
Total shareholders’ equity	1,991.2	2,036.2
Non-controlling interest	5.3	5
Total equity	1,996.5	2,041.2
Total liabilities and shareholders’ equity	$ 2,782.8	$ 2,816.9

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 29, 2019	Jun. 30, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock authorized (shares)	3,000,000	3,000,000
Preferred stock issued (shares)	0	0
Preferred stock outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.00125	$ 0.00125
Common stock authorized (shares)	200,000,000	200,000,000
Common stock issued (shares)	108,031,000	106,570,000
Common stock outstanding (shares)	108,031,000	106,570,000

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Income Statement [Abstract]
Revenue, net	$ 239.9	$ 280.5	$ 482.7	$ 554.7
Cost of revenue, net	178	177	346.6	352.9
Gross profit	61.9	103.5	136.1	201.8
Operating expenses:
Research and development	47.3	40.2	91	76.5
Sales, general and administrative	52.8	49.2	110.4	93.1
Amortization or impairment of acquisition-related intangibles	3.6	3.9	7.2	7.8
Loss on disposal or impairment of other assets	0.8	0	1.8	0.4
Other operating expense	13.8	0.2	21	3.2
Operating (loss) income	(56.4)	10	(95.3)	20.8
Non-operating (income) expense, net	(5.1)	5.6	(6.7)	15.3
(Loss) income before income taxes	(51.3)	4.4	(88.6)	5.5
Income tax expense	1.2	4.6	1.7	6.5
Net loss from continuing operations	(52.5)	(0.2)	(90.3)	(1)
Net loss from discontinued operations	0	(2.3)	0	(12.6)
Net loss	(52.5)	(2.5)	(90.3)	(13.6)
Net income attributable to noncontrolling interest	0.3	0	0.3	0
Net loss attributable to controlling interest	$ (52.8)	$ (2.5)	$ (90.6)	$ (13.6)
Basic and diluted loss per share
Continuing operations attributable to controlling interest (USD per share)	$ (0.49)	$ 0	$ (0.84)	$ (0.01)
Net loss attributable to controlling interest (USD per share)	$ (0.49)	$ (0.02)	$ (0.84)	$ (0.13)
Weighted average shares - basic and diluted (shares)	107,925	102,871	107,519	102,396

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (52.5)	$ (2.5)	$ (90.3)	$ (13.6)
Other comprehensive loss:
Currency translation loss	0	(0.9)	0	(0.5)
Net unrealized (loss) gain on available-for-sale securities	(0.3)	1.1	0.2	0.8
Comprehensive loss	(52.8)	(2.3)	(90.1)	(13.3)
Net income attributable to noncontrolling interest	0.3	0	0.3	0
Comprehensive loss attributable to controlling interest	$ (53.1)	$ (2.3)	$ (90.4)	$ (13.3)

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Total Equity - Controlled Interest	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Non-controlling Interest
Balance at beginning of period (shares) at Jun. 24, 2018			101,488
Balance at beginning of period at Jun. 24, 2018	$ 2,072.1	$ 2,067.1	$ 0.1	$ 2,549.1	$ (482.7)	$ 0.6	$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(11.1)	(11.1)			(11.1)
Currency translation gain	0.3	0.3				0.3
Unrealized gain on available-for-sale securities	(0.3)	(0.3)				(0.3)
Comprehensive (loss) income	(11.1)	(11.1)
Tax withholding on vested equity awards	(10.8)	(10.8)		(10.8)
Stock-based compensation	12.1	12.1		12.1
Exercise of stock options and issuance of shares (shares)			1,032
Exercise of stock options and issuance of shares	15.5	15.5		15.5
Convertible note issuance	110.6	110.6		110.6
Balance at end of period (shares) at Sep. 23, 2018			102,520
Balance at end of period at Sep. 23, 2018	2,198.7	2,193.7	$ 0.1	2,676.5	(483.5)	0.6	5
Balance at beginning of period (shares) at Jun. 24, 2018			101,488
Balance at beginning of period at Jun. 24, 2018	2,072.1	2,067.1	$ 0.1	2,549.1	(482.7)	0.6	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(13.6)
Currency translation gain	(0.5)
Unrealized gain on available-for-sale securities	0.8
Comprehensive (loss) income	(13.3)
Balance at end of period (shares) at Dec. 30, 2018			103,073
Balance at end of period at Dec. 30, 2018	2,223.5	2,218.5	$ 0.1	2,703.6	(486)	0.8	5
Balance at beginning of period (shares) at Sep. 23, 2018			102,520
Balance at beginning of period at Sep. 23, 2018	2,198.7	2,193.7	$ 0.1	2,676.5	(483.5)	0.6	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(2.5)	(2.5)			(2.5)
Currency translation gain	(0.9)	(0.9)				(0.9)
Unrealized gain on available-for-sale securities	1.1	1.1				1.1
Comprehensive (loss) income	(2.3)	(2.3)
Tax withholding on vested equity awards	(1.1)	(1.1)		(1.1)
Stock-based compensation	13.6	13.6		13.6
Exercise of stock options and issuance of shares (shares)			553
Exercise of stock options and issuance of shares	14.6	14.6		14.6
Balance at end of period (shares) at Dec. 30, 2018			103,073
Balance at end of period at Dec. 30, 2018	$ 2,223.5	2,218.5	$ 0.1	2,703.6	(486)	0.8	5
Balance at beginning of period (shares) at Jun. 30, 2019	106,570		106,570
Balance at beginning of period at Jun. 30, 2019	$ 2,041.2	2,036.2	$ 0.1	2,874.1	(847.5)	9.5	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(37.8)	(37.8)			(37.8)
Unrealized gain on available-for-sale securities	0.5	0.5				0.5
Comprehensive (loss) income	(37.3)	(37.3)
Tax withholding on vested equity awards	(14.3)	(14.3)		(14.3)
Stock-based compensation	17.4	17.4		17.4
Exercise of stock options and issuance of shares (shares)			1,127
Exercise of stock options and issuance of shares	18.6	18.6		18.6
Balance at end of period (shares) at Sep. 29, 2019			107,697
Balance at end of period at Sep. 29, 2019	$ 2,025.6	2,020.6	$ 0.1	2,895.8	(885.3)	10	5
Balance at beginning of period (shares) at Jun. 30, 2019	106,570		106,570
Balance at beginning of period at Jun. 30, 2019	$ 2,041.2	2,036.2	$ 0.1	2,874.1	(847.5)	9.5	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(90.3)
Currency translation gain	0
Unrealized gain on available-for-sale securities	0.2
Comprehensive (loss) income	$ (90.1)
Balance at end of period (shares) at Dec. 29, 2019	108,031		108,031
Balance at end of period at Dec. 29, 2019	$ 1,996.5	1,991.2	$ 0.1	2,919.5	(938.1)	9.7	5.3
Balance at beginning of period (shares) at Sep. 29, 2019			107,697
Balance at beginning of period at Sep. 29, 2019	2,025.6	2,020.6	$ 0.1	2,895.8	(885.3)	10	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(52.5)	(52.8)			(52.8)		0.3
Currency translation gain	0
Unrealized gain on available-for-sale securities	(0.3)	(0.3)				(0.3)
Comprehensive (loss) income	(52.8)	(53.1)					0.3
Tax withholding on vested equity awards	(0.4)	(0.4)		(0.4)
Stock-based compensation	13.4	13.4		13.4
Exercise of stock options and issuance of shares (shares)			334
Exercise of stock options and issuance of shares	$ 10.7	10.7		10.7
Balance at end of period (shares) at Dec. 29, 2019	108,031		108,031
Balance at end of period at Dec. 29, 2019	$ 1,996.5	$ 1,991.2	$ 0.1	$ 2,919.5	$ (938.1)	$ 9.7	$ 5.3

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018
Operating activities:
Net loss from continuing operations	$ (90.3)	$ (1)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	59.3	60.9
Amortization of debt issuance costs and discount	11.4	7.2
Stock-based compensation	29.9	21
Loss on disposal or impairment of long-lived assets	1.8	0.7
Amortization of premium/discount on investments	0.1	1.6
(Gain)/loss on equity investment	(9.9)	8.6
Foreign exchange (gain) loss on equity investment	(1.3)	0.5
Deferred income taxes	(2.4)	(4.6)
Changes in operating assets and liabilities:
Accounts receivable, net	(8.2)	(0.3)
Inventories	23	(18.7)
Prepaid expenses and other assets	7.8	2.3
Accounts payable, trade	(14.5)	0.5
Accrued salaries and wages and other liabilities	(26.9)	11.9
Accrued contract liabilities	8.4	19.2
Net cash (used in) provided by operating activities of continuing operations	(11.8)	109.8
Net cash provided by operating activities of discontinued operations	0	17.9
Cash (used in) provided by operating activities	(11.8)	127.7
Investing activities:
Purchases of property and equipment	(101)	(63.2)
Purchases of patent and licensing rights	(3.3)	(3.8)
Proceeds from sale of property and equipment	1.7	0.2
Purchases of short-term investments	(295.3)	(210.7)
Proceeds from maturities of short-term investments	212.6	83.8
Proceeds from sale of short-term investments	64.8	26.7
Net cash used in investing activities of continuing operations	(120.5)	(167)
Net cash used in investing activities of discontinued operations	0	(11.8)
Cash used in investing activities	(120.5)	(178.8)
Financing activities:
Proceeds from long-term debt borrowings	0	95
Payments on long-term debt borrowings, including finance lease obligations	(0.1)	(387)
Proceeds from convertible notes	0	575
Payments of debt issuance costs	0	(12.9)
Proceeds from issuance of common stock	29.3	30.1
Tax withholding on vested equity awards	(14.7)	(11.9)
Net cash provided by financing activities of continuing operations	14.5	288.3
Net cash provided by financing activities of discontinued operations	0	0
Cash provided by financing activities	14.5	288.3
Effects of foreign exchange changes on cash and cash equivalents	(0.1)	(0.1)
Net change in cash and cash equivalents	(117.9)	237.1
Cash and cash equivalents, beginning of period	500.5	118.9
Cash and cash equivalents, end of period	$ 382.6	$ 356

Basis of Presentation and New A

Basis of Presentation and New Accounting Standards	6 Months Ended
	Dec. 29, 2019
Accounting Policies [Abstract]
Basis of Presentation and New Accounting Standards	Basis of Presentation and New Accounting Standards Overview Cree, Inc. (the Company) is an innovator of wide bandgap semiconductors, focused on silicon carbide and gallium nitride materials, products for power and radio-frequency (RF) applications and specialty lighting-class light emitting diode (LED) products. The Company's silicon carbide and gallium nitride (GaN) materials and products are targeted for applications such as transportation, power supplies, inverters, wireless systems, and the Company's LEDs are targeted for indoor and outdoor lighting, electronic signs and signals and video displays. The Company operates in two reportable segments: • Wolfspeed , which consists of silicon carbide and GaN materials, power devices and RF devices based on wide bandgap semiconductor materials and silicon. The Company's materials products and power devices are used in electric vehicles, motor drives, power supplies, solar and transportation applications. The Company's materials products and RF devices are used in military communications, radar, satellite and telecommunication applications. • LED Products , which consists of LED chips and LED components. The Company's LED products enable its customers to develop and market LED-based products for lighting, video screens, automotive and specialty lighting applications. Previously, the Company designed, manufactured and sold LED lighting fixtures and lamps for the commercial, industrial and consumer markets. The Company referred to these product lines as the Lighting Products business unit. As discussed in Note 2, “Discontinued Operations,” on May 13, 2019, the Company sold its Lighting Products business unit to IDEAL Industries, Inc. (IDEAL). Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to the Company's continuing operations. The majority of the Company's products are manufactured at its production facilities located in North Carolina, California, Arkansas and China. The Company also uses contract manufacturers for certain products and aspects of product fabrication, assembly and packaging. The Company operates research and development facilities in North Carolina, Arizona, Arkansas, California and China (including Hong Kong). Cree, Inc. is a North Carolina corporation established in 1987, and its headquarters are in Durham, North Carolina. Basis of Presentation The consolidated financial statements presented herein have been prepared by the Company and have not been audited. In the opinion of management, all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations, comprehensive loss, shareholders' equity and cash flows at December 29, 2019, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 30, 2019 has been derived from the audited financial statements as of that date. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 (fiscal 2019). The results of operations for the three and six months ended December 29, 2019 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 28, 2020 (fiscal 2020). Historical periods presented include reclassifications to reflect discontinued operations (see Note 2, "Discontinued Operations"). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. Actual amounts could differ materially from those estimates. The Company revised net cash provided by operating activities and net cash provided by financing activities for the six months ended December 30, 2018 to correct the presentation of tax withholding for stock option exercises. The Company increased net cash provided by operating activities by $11.9 million and decreased net cash provided by financing activities by the same amount. The Company will also revise the unaudited consolidated statements of cash flows for the year to date period ended March 31, 2019 in the unaudited interim consolidated financial statements to be filed in the Quarterly Report on Form 10-Q for the corresponding period in fiscal 2020 to correct the presentation of tax withholding for stock option exercises. The revisions will result in an increase to net cash provided by operating activities of $12.4 million and a decrease to net cash provided by financing activities by the same amount. The Company concluded these errors were not material individually or in the aggregate to any of the periods impacted. Certain prior period amounts related to the Lighting Products business unit in the accompanying statements of cash flows have been reclassified to conform to the current year presentation. These reclassifications pertain to the presentation of discontinued operations within operating, investing and financing activities. This reclassification did not impact cash provided by (used in) operating, investing, or financing activities. Recently Adopted Accounting Pronouncements Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02: Leases (Topic 842) (ASC 842), and ASU 2018-10: Codification Improvements to ASC 842, Leases. These ASUs require that a lessee recognize in its statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term and requires enhanced disclosures about an entity’s leasing arrangements. The Company adopted this standard on July 1, 2019, under the modified retrospective transition approach with the cumulative effect of application recognized at the effective date, without adjustment to prior comparative periods. The Company elected to utilize the transition package of practical expedients that allows the Company to not reassess (1) whether any expired or existing contracts are leases, or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases. Further, the Company elected the practical expedient to not separate lease and non-lease components for all leases and account for the combined lease and non-lease components as a single lease component. The Company also made an accounting policy election to exclude leases with an initial term of 12 months or less from the consolidated balance sheets. The adoption of the new standard resulted in the recognition of $12.2 million of lease liabilities with corresponding right-of-use assets of $12.3 million as of July 1, 2019. As required, the right-of-use assets include the effect of reclassifying certain balances including deferred and prepaid rent, a portion of facilities-related restructuring accrual reserves, and a favorable lease intangible asset previously recognized in connection with an acquisition. The Company did not have a cumulative-effect adjustment to retained earnings as a result of the adoption of the new standard. The standard did not materially impact the Company's results from operations and had no impact on cash flows. See Note 4, "Leases," for additional disclosures, as required by the new standard. The reported results as of and for the three and six months ended December 29, 2019 reflect the application of the new accounting guidance, while the reported results for prior periods have not been adjusted and continue to be reported in accordance with the Company's historical accounting under ASC 840, Leases. Accounting Pronouncements Pending Adoption Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU introduces a new accounting model known as Credit Expected Credit Losses (“CECL”). CECL requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaces the multiple existing impairment models in current GAAP, which generally require that a loss be incurred before it is recognized. The new standard will also apply to receivables arising from revenue transactions such as contract assets and accounts receivables. There are other provisions within the standard affecting how impairments of other financial assets may be recorded and presented, as well as expanded disclosures. The Company will adopt this standard on June 29, 2020 and is currently evaluating the impact on its consolidated financial statements. Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also improves consistent application and simplifies other areas of Topic 740 by clarifying and amending existing guidance. Early adoption is permitted, provided that the Company reflects any adjustments as of the beginning of the annual period that includes the interim period for which such early adoption occurs. Additionally, the Company must adopt all the

Discontinued Operations

Discontinued Operations	6 Months Ended
	Dec. 29, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On May 13, 2019, the Company completed the sale of (a) certain manufacturing facilities and equipment, inventory, intellectual property rights, contracts, and real estate of the Company used by the Company's Lighting Products business unit, which includes LED lighting fixtures, lamps and corporate lighting solutions for commercial, industrial and consumer applications, and (b) all of the issued and outstanding equity interests of E-conolight LLC (E-conolight), Cree Canada Corp. and Cree Europe S.r.l., each a wholly owned subsidiary of the Company (collectively, the Lighting Products business unit) to IDEAL, pursuant to the Purchase Agreement, dated March 14, 2019, as amended, between the Company and IDEAL (the Purchase Agreement). The Company retained certain liabilities associated with the Lighting Products business unit arising prior to the closing of the sale. The Lighting Products business unit represented the Lighting Products segment disclosed in the Company's historical financial statements. The aggregate net proceeds from the sale of the Lighting Products business unit was $219.0 million in cash, which is subject to certain adjustments. Additionally, the Company is entitled to an earnout payment subject to the future performance of the Lighting Products business unit. In connection with the transaction, the Company and IDEAL entered into certain ancillary and related agreements, including (i) an Intellectual Property Assignment and License Agreement, which assigned to IDEAL certain intellectual property owned by the Company and licensed to IDEAL certain additional intellectual property owned by the Company; (ii) a Transition Services Agreement (the TSA), which is designed to ensure a smooth transition of the Lighting Products business unit to IDEAL; (iii) an LED Supply Agreement (the LED Supply Agreement), pursuant to which the Company will supply IDEAL with certain LED chip and component products for three years; and (iv) a Real Estate License Agreement, which will allow IDEAL to use certain premises owned by the Company to conduct certain operations of the Lighting Products business unit after closing. The Company recognized a loss on the sale of $66.2 million. The Company has classified the results of the Lighting Products business unit as discontinued operations, the results of which for the three and six months ended December 30, 2018 are as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 30, 2018 December 30, 2018 Revenue, net $132.5 $266.6 Cost of revenue, net 100.8 205.0 Gross profit 31.7 61.6 Operating expenses: Research and development 8.9 18.6 Sales, general and administrative 23.2 47.0 Amortization or impairment of acquisition-related intangibles 2.5 7.1 Loss on disposal or impairment of long-lived assets 0.2 0.3 Other operating expense (0.5) 1.4 Operating loss (2.6) (12.8) Non-operating income (0.1) (0.3) Loss before income taxes (2.5) (12.5) Income tax expense (0.2) 0.1 Net loss ($2.3) ($12.6) The Company did not have any discontinued operations activity for the three and six months ended December 29, 2019. The Company recognized $2.6 million and $5.6 million in administrative fees for the three and six months ended December 29, 2019 relating to the TSA, of which $0.8 million are included in accounts receivable, net in the consolidated balance sheets as of December 29, 2019. These fees were recorded as a reduction of sales, general and administrative expense in the consolidated statements of operations. The Company recognized $3.6 million and $6.5 million in revenue for the three and six months ended December 29, 2019 related to the LED Supply Agreement, of which $1.8 million was included in accounts receivable, net in the consolidated balance sheets as of December 29, 2019. Additionally, the Company recorded a contract liability of $11.6 million relating to the

Revenue Recognition

Revenue Recognition	6 Months Ended
	Dec. 29, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition In accordance with ASC 606, the Company follows a five-step approach defined by the new standard for recognizing revenue, consisting of the following: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. Contract liabilities primarily include various rights of return and customer deposits, as well as deferred revenue, price protection guarantees and the Company's liability under the LED Supply Agreement. Contract liabilities were $88.8 million as of December 29, 2019 and $80.4 million as of June 30, 2019. The increase was primarily due to increased customer deposits. Contract liabilities are recorded within accrued contract liabilities and other long-term liabilities on the balance sheet. Before the adoption of ASC 606, liabilities relating to various rights of return were recorded as a deduction to accounts receivable. Disaggregated revenue by geography is presented in Note 14, "Reportable Segments". For the three and six months ended December 29, 2019, the Company recognized revenue of $1.2 million and $2.2 million that was included in contract liabilities as of June 30, 2019. The amount recognized primarily related to the recognition of contingent liabilities related to the LED Supply Agreement and deferred revenue. Revenue recognized related to performance obligations that were satisfied or partially satisfied in previous periods was not material for the three and six months ended December 29, 2019.

Leases

Leases	6 Months Ended
	Dec. 29, 2019
Leases [Abstract]
Leases	Leases The Company primarily leases manufacturing, office and warehousing space. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to Wolfspeed manufacturing space in Malaysia. Accounting Policy At lease inception, the Company determines an arrangement is a lease if the contract involves the use of a distinct identified asset, the lessor does not have substantive substitution rights and the Company obtains control of the asset throughout the period by obtaining substantially all of the economic benefit of the asset and the right to direct the use of the asset. Right-of-use assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Assets and liabilities are recognized based on the present value of lease payments over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one Because most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company would use the implicit rate when readily determinable. Operating lease expense is generally recognized on a straight-line basis over the lease term. Finance lease assets are amortized on a straight-line basis over the shorter of the useful life of the asset or the lease term. Interest expense on the finance lease liability is recognized using the effective interest rate method and is presented within interest expense on the Company’s consolidated statements of operations. The Company has agreements with lease and non-lease components, which are accounted for as a single lease component. Leases with a lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments based on changes in index rates, are not included in the right-of-use assets or liabilities. These variable lease payments are expensed as incurred. Balance Sheet Lease assets and liabilities as of December 29, 2019, and the corresponding balance sheet classifications, are as follows (in millions of U.S. Dollars): Operating Leases: Right-of-use asset (1) $14.2 Current lease liability (2) 5.2 Non-current lease liability (3) 8.8 Total operating lease liabilities 14.0 Finance Leases: Finance lease assets (1) 3.7 Current portion of finance lease obligations (2) 0.9 Finance lease obligations, less current portion (3) 2.3 Total finance lease obligations 3.2 (1) Within other assets on the consolidated balance sheets. (2) Within other current liabilities on the consolidated balance sheets. (3) Within other long-term liabilities on the consolidated balance sheets. Statement of Operations Operating lease expense was $1.6 million and $3.0 million for three and six months ended December 29, 2019. Short-term lease expense, variable lease expense and lease income were immaterial for the three and six months ended December 29, 2019. Finance lease amortization and interest expense were less than $0.1 million for the three and six months ended December 29, 2019. Cash Flows Cash flow information consisted of the following: Six months ended (in millions of U.S. Dollars) December 29, 2019 Cash used in operating activities: Cash paid for operating leases $1.6 Cash paid for interest portion of financing leases (1) — Cash used in financing activities: Cash paid for principal portion of finance leases 0.1 Non-cash operating activities: Operating lease additions due to adoption of ASC 842 12.2 Operating lease modifications, net 4.6 Finance lease additions 3.3 (1) Less than $0.1 million for the six months ended December 29, 2019. Lease Liability Maturities Maturities of operating and finance lease liabilities as of December 29, 2019 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 28, 2020 (remainder of fiscal 2020) $3.5 $0.7 $4.2 June 27, 2021 4.3 0.4 4.7 June 26, 2022 3.4 0.4 3.8 June 25, 2023 1.8 0.4 2.2 June 30, 2024 0.9 0.4 1.3 Thereafter 1.0 1.2 2.2 Total lease payments 14.9 3.5 18.4 Imputed lease interest (0.9) (0.3) (1.2) Total lease liabilities $14.0 $3.2 $17.2 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) 42 83 Weighted average discount rate 3.72 % 3.40 % As previously disclosed in the Company's Annual Report on Form 10-K for the year ended June 30, 2019 and under the previous lease accounting standard ASC 840, the aggregate future non-cancelable minimum rental payments on its operating leases as of June 30, 2019, were as follows: Fiscal Years Ending (in millions of U.S. Dollars) June 28, 2020 $4.1 June 27, 2021 2.3 June 26, 2022 1.2 June 25, 2023 0.7 June 30, 2024 — Thereafter — Total future minimum rental payments $8.3
Leases	Leases The Company primarily leases manufacturing, office and warehousing space. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to Wolfspeed manufacturing space in Malaysia. Accounting Policy At lease inception, the Company determines an arrangement is a lease if the contract involves the use of a distinct identified asset, the lessor does not have substantive substitution rights and the Company obtains control of the asset throughout the period by obtaining substantially all of the economic benefit of the asset and the right to direct the use of the asset. Right-of-use assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Assets and liabilities are recognized based on the present value of lease payments over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one Because most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company would use the implicit rate when readily determinable. Operating lease expense is generally recognized on a straight-line basis over the lease term. Finance lease assets are amortized on a straight-line basis over the shorter of the useful life of the asset or the lease term. Interest expense on the finance lease liability is recognized using the effective interest rate method and is presented within interest expense on the Company’s consolidated statements of operations. The Company has agreements with lease and non-lease components, which are accounted for as a single lease component. Leases with a lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments based on changes in index rates, are not included in the right-of-use assets or liabilities. These variable lease payments are expensed as incurred. Balance Sheet Lease assets and liabilities as of December 29, 2019, and the corresponding balance sheet classifications, are as follows (in millions of U.S. Dollars): Operating Leases: Right-of-use asset (1) $14.2 Current lease liability (2) 5.2 Non-current lease liability (3) 8.8 Total operating lease liabilities 14.0 Finance Leases: Finance lease assets (1) 3.7 Current portion of finance lease obligations (2) 0.9 Finance lease obligations, less current portion (3) 2.3 Total finance lease obligations 3.2 (1) Within other assets on the consolidated balance sheets. (2) Within other current liabilities on the consolidated balance sheets. (3) Within other long-term liabilities on the consolidated balance sheets. Statement of Operations Operating lease expense was $1.6 million and $3.0 million for three and six months ended December 29, 2019. Short-term lease expense, variable lease expense and lease income were immaterial for the three and six months ended December 29, 2019. Finance lease amortization and interest expense were less than $0.1 million for the three and six months ended December 29, 2019. Cash Flows Cash flow information consisted of the following: Six months ended (in millions of U.S. Dollars) December 29, 2019 Cash used in operating activities: Cash paid for operating leases $1.6 Cash paid for interest portion of financing leases (1) — Cash used in financing activities: Cash paid for principal portion of finance leases 0.1 Non-cash operating activities: Operating lease additions due to adoption of ASC 842 12.2 Operating lease modifications, net 4.6 Finance lease additions 3.3 (1) Less than $0.1 million for the six months ended December 29, 2019. Lease Liability Maturities Maturities of operating and finance lease liabilities as of December 29, 2019 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 28, 2020 (remainder of fiscal 2020) $3.5 $0.7 $4.2 June 27, 2021 4.3 0.4 4.7 June 26, 2022 3.4 0.4 3.8 June 25, 2023 1.8 0.4 2.2 June 30, 2024 0.9 0.4 1.3 Thereafter 1.0 1.2 2.2 Total lease payments 14.9 3.5 18.4 Imputed lease interest (0.9) (0.3) (1.2) Total lease liabilities $14.0 $3.2 $17.2 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) 42 83 Weighted average discount rate 3.72 % 3.40 % As previously disclosed in the Company's Annual Report on Form 10-K for the year ended June 30, 2019 and under the previous lease accounting standard ASC 840, the aggregate future non-cancelable minimum rental payments on its operating leases as of June 30, 2019, were as follows: Fiscal Years Ending (in millions of U.S. Dollars) June 28, 2020 $4.1 June 27, 2021 2.3 June 26, 2022 1.2 June 25, 2023 0.7 June 30, 2024 — Thereafter — Total future minimum rental payments $8.3

Financial Statement Details

Financial Statement Details	6 Months Ended
	Dec. 29, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Details	Financial Statement Details Accounts Receivable, net Accounts receivable, net consisted of the following: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Billed trade receivables $133.0 $125.8 Unbilled contract receivables 0.7 0.7 Royalties 3.9 2.8 137.6 129.3 Allowance for bad debts (0.4) (0.4) Accounts receivable, net $137.2 $128.9 Inventories Inventories consisted of the following: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Raw material $42.8 $42.4 Work-in-progress 81.4 101.1 Finished goods 41.1 43.9 Inventories $165.3 $187.4 Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Accounts payable, trade $91.3 $90.7 Accrued salaries and wages 46.1 70.9 Accrued expenses 33.7 34.0 Other 5.6 5.3 Accounts payable and accrued expenses $176.7 $200.9 Other Operating Expense Other operating expense consisted of the following: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Factory optimization restructuring $1.2 $— $2.4 $— Severance and other restructuring — — 0.8 2.6 Total restructuring costs 1.2 — 3.2 2.6 Project, transformation and transaction costs 10.8 0.2 13.4 0.6 Factory optimization start-up costs 1.5 — 2.9 — Non-restructuring related executive severance 0.3 — 1.5 — Other operating expense $13.8 $0.2 $21.0 $3.2 Accumulated Other Comprehensive Income, net of taxes Accumulated other comprehensive income, net of taxes, consisted of the following: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Currency translation gain $9.5 $9.5 Net unrealized gain on available-for-sale securities 0.2 — Accumulated other comprehensive income, net of taxes $9.7 $9.5 Reclassifications Out of Accumulated Other Comprehensive Income The Company reclassified a net gain of $0.1 million out of accumulated other comprehensive income for the three and six months ended December 29, 2019 and reclassified a net loss of $0.1 million out of accumulated other comprehensive income for the three and six months ended December 30, 2018. Amounts were reclassified to non-operating (income) expense, net on the consolidated statements of operations. Non-Operating (Income) Expense, net The following table summarizes the components of non-operating (income) expense, net: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Foreign currency (gain) loss, net ($1.2) $— ($1.1) $0.6 (Gain) loss on sale of investments, net (0.1) 0.1 (0.1) 0.1 (Gain) loss on equity investment, net (6.4) 1.9 (9.9) 8.6 Interest expense, net 2.8 3.6 4.7 6.0 Other, net (0.2) — (0.3) — Non-operating (income) expense, net ($5.1) $5.6 ($6.7) $15.3 The change in (gain) loss on equity investment, net is due to the increase in the Lextar Electronics Corporation (Lextar) stock price. Statements of Cash Flows - non-cash activities Six months ended Non-cash operating activities December 29, 2019 December 30, 2018 Increase of right-of-use assets and lease liabilities (1) $15.5 $— Lease asset and liability modifications, net 4.6 — (1) $12.2 million relates to the increase of right-of-use assets and matching lease liabilities as a result of adopting ASC 842. See Note 4, "Leases", for further information. Accrued property and equipment as of December 29, 2019 and December 30, 2018 was $6.2 million and $16.3 million, respectively.

Investments

Investments	6 Months Ended
	Dec. 29, 2019
Investments, Debt and Equity Securities [Abstract]
Investments	InvestmentsInvestments consist of municipal bonds, corporate bonds, U.S. agency securities, U.S. treasury securities, variable rate demand notes, commercial paper and certificates of deposit. All short-term investments are classified as available-for-sale. Other long-term investments consist of the Company's ownership interest in Lextar. Short-term investments as of December 29, 2019 and June 30, 2019 consisted of the following: December 29, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $50.7 $0.4 $— $51.1 Corporate bonds 326.5 1.2 (0.1) 327.6 U.S. agency securities 21.5 — — 21.5 U.S. treasury securities 96.3 0.1 — 96.4 Non-U.S. certificates of deposit 45.6 — — 45.6 U.S. certificates of deposit 20.6 — — 20.6 Commercial paper 6.1 — — 6.1 Total short-term investments $567.3 $1.7 ($0.1) $568.9 June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $78.2 $0.4 ($0.1) $78.5 Corporate bonds 256.0 1.0 — 257.0 U.S. agency securities 25.6 — — 25.6 U.S. treasury securities 92.4 0.1 — 92.5 Non-U.S. certificates of deposit 49.1 1.1 — 50.2 U.S. certificates of deposit 22.4 — — 22.4 Variable rate demand note 16.9 — — 16.9 Commercial paper 7.8 — — 7.8 Total short-term investments $548.4 $2.6 ($0.1) $550.9 The following tables present the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position: December 29, 2019 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $8.4 $— $1.5 $— $9.9 $— Corporate bonds 87.2 (0.1) — — 87.2 (0.1) U.S. agency securities 13.6 — — — 13.6 — U.S. treasury securities 35.8 — — — 35.8 — Total $145.0 ($0.1) $1.5 $— $146.5 ($0.1) Number of securities with an unrealized loss 111 2 113 June 30, 2019 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $4.3 $— $29.8 ($0.1) $34.1 ($0.1) Corporate bonds 41.8 — 14.7 — 56.5 — U.S. agency securities 7.7 — — — 7.7 — U.S. treasury securities 2.0 — 3.9 — 5.9 — Total $55.8 $— $48.4 ($0.1) $104.2 ($0.1) Number of securities with an unrealized loss 46 47 93 The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains of $0.1 million for the three and six month periods ended December 29, 2019 and realized losses of $0.1 million for the three and six month periods ended December 30, 2018 are included in non-operating (income) expense in the consolidated statements of operations. Unrealized gains and losses are included as a separate component of equity, net of tax, unless the loss is determined to be other-than-temporary. The Company evaluates its investments for possible impairment or a decline in fair value below cost basis that is deemed to be other-than-temporary on a periodic basis. It considers such factors as the length of time and extent to which the fair value has been below the cost basis, the financial condition of the investee, and its ability and intent to hold the investment for a period of time that may be sufficient for an anticipated full recovery in market value. Accordingly, the Company considered declines in its investments to be temporary in nature, and did not consider its investments to be impaired as of December 29, 2019 and June 30, 2019. The contractual maturities of short-term investments as of December 29, 2019 were as follows: Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Municipal bonds $20.6 $30.5 $— $— $51.1 Corporate bonds 180.5 147.1 — — 327.6 U.S. agency securities 6.0 15.5 — — 21.5 U.S. treasury securities 80.6 15.8 — — 96.4 Non-U.S. certificates of deposit 44.6 1.0 — — 45.6 U.S. certificates of deposit 20.6 — — — 20.6 Commercial paper 6.1 — — — 6.1 Total short-term investments $359.0 $209.9 $— $— $568.9

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Dec. 29, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. U.S. GAAP also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability. The fair value hierarchy is categorized into three levels based on the reliability of inputs as follows: • Level 1 - Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 - Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The financial assets for which the Company performs recurring fair value remeasurements are cash equivalents, short-term investments and long-term investments. As of December 29, 2019 and June 30, 2019, financial assets utilizing Level 1 inputs included money market funds and U.S. treasury securities. Financial assets utilizing Level 2 inputs included municipal bonds, corporate bonds, certificates of deposit, commercial paper, U.S. agency securities, variable rate demand notes and common stock of non-U.S. corporations. Level 2 assets are valued based on quoted prices in active markets for instruments that are similar or using a third-party pricing service’s consensus price, which is a weighted average price based on multiple sources. These sources determine prices utilizing market income models which factor in, where applicable, transactions of similar assets in active markets, transactions of identical assets in infrequent markets, interest rates, bond or credit default swap spreads and volatility. The Company did not have any financial assets requiring the use of Level 3 inputs as of December 29, 2019 and June 30, 2019. The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy: December 29, 2019 June 30, 2019 (in millions of U.S. Dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $53.3 $— $— $53.3 $95.0 $— $— $95.0 Corporate bonds — 3.6 — 3.6 — 15.0 — 15.0 U.S. agency securities — 13.0 — 13.0 — 18.8 — 18.8 U.S. treasury securities — — — — 2.5 — — 2.5 U.S. certificates of deposit — — — — — — — — Non-U.S. certificates of deposit — 47.3 — 47.3 — 105.8 — 105.8 Commercial paper — — — — — 1.0 — 1.0 Total cash equivalents 53.3 63.9 — 117.2 97.5 140.6 — 238.1 Short-term investments: Municipal bonds — 51.1 — 51.1 — 78.5 — 78.5 Corporate bonds — 327.6 — 327.6 — 257.0 — 257.0 U.S. agency securities — 21.5 — 21.5 — 25.6 — 25.6 U.S. treasury securities 96.4 — — 96.4 92.5 — — 92.5 U.S. certificates of deposit — 20.6 — 20.6 — 22.4 — 22.4 Non-U.S. certificates of deposit — 45.6 — 45.6 — 50.2 — 50.2 Commercial paper — 6.1 — 6.1 — 7.8 — 7.8 Variable rate demand note — — — — — 16.9 — 16.9 Total short-term investments 96.4 472.5 — 568.9 92.5 458.4 — 550.9 Other long-term investments: Common stock of non-U.S. corporations — 50.7 — 50.7 — 39.5 — 39.5 Total assets $149.7 $587.1 $— $736.8 $190.0 $638.5 $— $828.5

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Dec. 29, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Goodwill by reporting unit as of December 29, 2019 was as follows: (in millions of U.S. Dollars) December 29, 2019 Wolfspeed $349.7 LED Products 180.3 Total $530.0 There were no changes in goodwill during the six months ended December 29, 2019. Intangible Assets, net The following table presents the components of intangible assets, net: December 29, 2019 June 30, 2019 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $147.8 ($66.9) $80.9 $147.8 ($63.8) $84.0 Developed technology 74.9 (27.0) 47.9 75.9 (24.5) 51.4 Non-compete agreements 12.2 (5.6) 6.6 12.2 (4.1) 8.1 Trade names, finite-lived 0.5 (0.5) — 0.5 (0.5) — Acquisition related intangible assets 235.4 (100.0) 135.4 236.4 (92.9) 143.5 Patent and licensing rights 112.8 (60.5) 52.3 120.4 (66.0) 54.4 Total intangible assets $348.2 ($160.5) $187.7 $356.8 ($158.9) $197.9 Total amortization of acquisition-related intangibles assets was $3.6 million and $7.2 million for the three and six months ended December 29, 2019 and $3.9 million and $7.8 million for the three and six months ended December 30, 2018, respectively. Total amortization of patents and licensing rights was $2.3 million and $4.5 million for the three and six months ended December 29, 2019 and $2.5 million and $4.9 million for the three and six months ended December 30, 2018. In the first quarter of fiscal 2020, $0.9 million of developed technology, net relating to a favorable lease was reclassified as a right-of-use asset in accordance with the Company's adoption of ASC 842, Leases. Total future amortization expense of intangible assets is estimated to be as follows: (in millions of U.S. Dollars) Fiscal Year Ending Acquisition Related Intangibles Patents Total June 28, 2020 (remainder of fiscal 2020) $7.2 $4.4 $11.6 June 27, 2021 14.5 8.1 22.6 June 26, 2022 13.5 7.3 20.8 June 25, 2023 11.0 6.3 17.3 June 30, 2024 10.4 5.4 15.8 Thereafter 78.8 20.8 99.6 Total future amortization expense $135.4 $52.3 $187.7

Long-term Debt

Long-term Debt	6 Months Ended
	Dec. 29, 2019
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Revolving Line of Credit As of December 29, 2019, the Company had a $250.0 million secured revolving line of credit (the Credit Agreement) under which the Company can borrow, repay and reborrow loans from time to time prior to its scheduled maturity date of January 9, 2022. On December 16, 2019, the Company entered into an amendment to the Credit Agreement to reduce the aggregate amount of the revolving line of credit available from $500.0 million to $250.0 million and to revise the Credit Agreement's financial covenants. The Company classifies balances outstanding under the Credit Agreement as long-term debt in the consolidated balance sheets. As of December 29, 2019, the Company had no outstanding borrowings under the Credit Agreement, $250.0 million in available commitments under the Credit Agreement and $250.0 million available for borrowing. For the three and six months ended December 29, 2019, the average interest rate was 0.00%. As of December 29, 2019, the unused line fee on available borrowings is 25 basis points. The Company was in compliance with all covenants under the Credit Agreement at December 29, 2019. Convertible Notes On August 24, 2018, the Company sold $500.0 million aggregate principal amount of 0.875% convertible senior notes due September 1, 2023 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and an additional $75.0 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the underwriters (the Notes). The total net proceeds from the debt offering was approximately $562.1 million. The conversion rate will initially be 16.6745 shares of common stock per one thousand dollars in principal amount of Notes (equivalent to an initial conversion price of approximately $59.97 per share of common stock). The conversion rate will be subject to adjustment for some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, or following the Company's issuance of a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event, or who elects to convert any Notes called for redemption during the related redemption period in certain circumstances. The Company may not redeem the Notes prior to September 1, 2021. The Company may redeem for cash all or any portion of the Notes, at its option, on a redemption date occurring on or after September 1, 2021 and on or before the 40th scheduled trading day immediately before the maturity date, if the last reported sales price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company undergoes certain fundamental changes related to the Company's common stock, holders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Holders may convert their Notes at their option at any time prior to the close of business on the business day immediately preceding March 1, 2023 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending December 31, 2018 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five ten In accounting for the issuance of the convertible senior notes, the Company separated the Notes into liability and equity components. The carrying amount of the liability of the equity component representing the conversion option was $110.6 million and was determined by deducting the fair value of the liability component from the par value of the Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount (the debt discount), along with related issuance fees are amortized to interest expense over the term of the Notes at an effective interest rate of 0.49%. The net carrying amount of the liability component of the Notes is as follows: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Principal $575.0 $575.0 Unamortized discount and issuance costs (94.5) (105.9) Net carrying amount $480.5 $469.1 The net carrying amount of the equity component of the Notes is as follows: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Discount related to value of conversion option $113.3 $113.3 Debt issuance costs (2.7) (2.7) Net carrying amount $110.6 $110.6 The interest expense recognized related to the Notes is as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Interest expense $1.2 $1.3 $2.5 $1.7 Amortization of discount and issuance costs 5.8 5.4 11.4 7.2 Total interest expense $7.0 $6.7 $13.9 $8.9 The estimated fair value of the Notes is $619.6 million as of December 29, 2019, as determined by a Level 2 valuation.

Loss Per Share

Loss Per Share	6 Months Ended
	Dec. 29, 2019
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The details of the computation of basic and diluted loss per share are as follows: Three months ended Six months ended (in millions of U.S. Dollars, except share data) December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Net loss from continuing operations ($52.5) ($0.2) ($90.3) ($1.0) Net income attributable to noncontrolling interest 0.3 — 0.3 — Loss from continuing operations attributable to controlling interest (52.8) (0.2) (90.6) (1.0) Net loss from discontinued operations — (2.3) — (12.6) Net loss attributable to controlling interest ($52.8) ($2.5) ($90.6) ($13.6) Weighted average shares - basic and diluted (in thousands) 107,925 102,871 107,519 102,396 Loss per share - basic and diluted: Continuing operations attributable to controlling interest ($0.49) $— ($0.84) ($0.01) Discontinued operations $— ($0.02) $— ($0.12) Diluted net loss per share is the same as basic net loss per share for the periods presented due to potentially dilutive items being anti-dilutive given the Company's net loss. For the three and six months ended December 29, 2019, 5.2 million and 5.5 million of weighted average shares were excluded from the calculation of diluted loss per share because their effect would be anti-dilutive. For the three and six months ended December 30, 2018, 6.4 million and 6.6 million of weighted average shares were excluded from the calculation of diluted loss per share because their effect would be anti-dilutive. Future earnings per share of the Company are also subject to dilution from conversion of its convertible notes under certain conditions as described in Note 9, “Long-term Debt.”

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 29, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Overview of Employee Stock-Based Compensation Plans The Company currently has one equity-based compensation plan, the 2013 Long-Term Incentive Compensation Plan (2013 LTIP), from which stock-based compensation awards can be granted to employees and directors. The 2013 LTIP provides for awards in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other awards. The Company has other equity-based compensation plans that have been terminated so that no future grants can be made under those plans, but under which stock options, restricted stock and restricted stock units are currently outstanding. The Company’s stock-based awards can be either service-based or performance-based. Performance-based conditions are generally tied to future financial and/or operating performance of the Company and/or external based market metrics. The compensation expense with respect to performance-based grants is recognized if the Company believes it is probable that the performance condition will be achieved. The Company reassesses the probability of the achievement of the performance condition at each reporting period, and adjusts the compensation expense for subsequent changes in the estimate or actual outcome. As with non-performance based awards, compensation expense is recognized over the vesting period. For performance awards with market conditions, the Company estimates the grant date fair value using the Monte Carlo valuation model and expenses the awards over the vesting period regardless of whether the market condition is ultimately satisfied. The Company also has an Employee Stock Purchase Plan (ESPP) that provides employees with the opportunity to purchase common stock at a discount. The ESPP limits employee contributions to 15% of each employee’s compensation (as defined in the plan) and allows employees to purchase shares at a 15% discount to the fair market value of common stock on the purchase date two times per year. The ESPP provides for a twelve-month participation period, divided into two equal six-month purchase periods, and also provides for a look-back feature. At the end of each six-month period in April and October, participants purchase the Company’s common stock through the ESPP at a 15% discount to the fair market value of the common stock on the first day of the twelve-month participation period or the purchase date, whichever is lower. The plan also provides for an automatic reset feature to start participants on a new twelve-month participation period if the fair market value of common stock declines during the first six-month purchase period. Stock Option Awards A summary of stock option awards outstanding as of December 29, 2019 and changes during the six months then ended is as follows: (shares in thousands) Number of Shares Weighted Average Exercise Price Outstanding at June 30, 2019 2,418 $39.81 Granted — $— Exercised (537) $36.42 Forfeited or expired (27) $50.34 Outstanding at December 29, 2019 1,854 $40.65 Restricted Stock Awards and Units A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of December 29, 2019 and changes during the six months then ended is as follows: (awards and units in thousands) Number of RSAs/RSUs Weighted Average Nonvested at June 30, 2019 3,081 $34.99 Granted 988 $57.65 Vested (988) $30.39 Forfeited (144) $30.78 Nonvested at December 29, 2019 2,937 $44.37 Stock-Based Compensation Valuation and Expense The Company accounts for its employee stock-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its stock-based awards and amortize this fair value to compensation expense over the requisite service period or vesting term. The Company uses the Black-Scholes option-pricing model to estimate the fair value of the Company’s stock option and ESPP awards. The determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the term of the awards, projected employee stock option exercise term, the risk-free interest rate and expected dividends. Due to the inherent limitations of option-valuation models, future events that are unpredictable and the estimation process utilized in determining the valuation of the stock-based awards, the ultimate value realized by award holders may vary significantly from the amounts expensed in the Company’s financial statements. For RSAs and RSUs, the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. This fair value is then amortized to compensation expense over the requisite service period or vesting term. Stock-based compensation expense is recognized net of estimated forfeitures such that expense is recognized only for those stock-based awards that are expected to vest. A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Total stock-based compensation expense was classified in the consolidated statements of operations as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Cost of revenue, net $2.5 $1.8 $4.7 $3.4 Research and development 2.4 2.2 4.8 3.7 Sales, general and administrative 8.1 7.0 20.4 13.9 Total stock-based compensation expense $13.0 $11.0 $29.9 $21.0 Stock-based compensation expense may differ from the impact of stock-based compensation to additional paid in capital due to manufacturing related stock-based compensation capitalized within inventory.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 29, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In general, the variation between the Company's effective income tax rate and the U.S. statutory rate of 21% is primarily due to: (i) changes in the Company’s valuation allowances against deferred tax assets in the U.S. and Luxembourg, (ii) projected income for the full year derived from international locations with differing tax rates than the U.S. and (iii) projected tax credits generated. The Company assesses all available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets by jurisdiction. The Company has concluded that it is necessary to recognize a full valuation allowance against its U.S. and Luxembourg deferred tax assets, as of the six months ended December 29, 2019. As of June 30, 2019, the U.S. valuation allowance was $177.6 million. During the six months ended December 29, 2019, the Company did not record any material movement in its U.S. valuation allowance. As of June 30, 2019, the Luxembourg valuation allowance was $7.6 million. During the six months ended December 29, 2019, the Company decreased this valuation allowance by $2.8 million due to year-to-date income in Luxembourg. U.S. GAAP requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is cumulatively more than 50% likely to be realized upon ultimate settlement. As of June 30, 2019, the Company's liability for unrecognized tax benefits was $8.2 million. During the six months ended December 29, 2019, the Company did not record any material movement in its unrecognized tax benefits. As a result, the total liability for unrecognized tax benefits as of December 29, 2019 was $8.2 million. If any portion of this $8.2 million is recognized, the Company will then include that portion in the computation of its effective tax rate. Although the ultimate timing of the resolution and/or closure of audits is highly uncertain, the Company believes it is reasonably possible that $0.9 million of gross unrecognized tax benefits will change in the next 12 months as a result of statute requirements or settlement with tax authorities. The Company files U.S. federal, U.S. state and foreign tax returns. For U.S. federal purposes, the Company is generally no longer subject to tax examinations for fiscal years prior to 2016. For U.S. state tax returns, the Company is generally no longer subject to tax examinations for fiscal years prior to 2015. For foreign purposes, the Company is generally no longer subject to examination for tax periods prior to 2009. Certain carryforward tax attributes generated in prior years remain subject to examination, adjustment and recapture.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 29, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is currently a party to various legal proceedings. While management presently believes that the ultimate outcome of such proceedings, individually and in the aggregate, will not materially harm the Company’s financial position, cash flows, or overall trends in results of operations, legal proceedings are subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include monetary damages or, in matters for which injunctive relief or other conduct remedies may be sought, an injunction prohibiting the Company from selling one or more products at all or in particular ways. Were unfavorable final outcomes to occur, there exists the possibility of a material adverse impact on the Company’s business, results of operations, financial position and overall trends. The outcomes in these matters are not reasonably estimable.

Reportable Segments

Reportable Segments	6 Months Ended
	Dec. 29, 2019
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments Reportable segments are components of the Company that the Chief Operating Decision Maker (CODM) regularly reviews when allocating resources and assessing performance. The Company’s CODM reviews segment performance and allocates resources based upon segment revenue and segment gross profit. The Company's identified CODM is the Chief Executive Officer. The Company’s operating and reportable segments are: • Wolfspeed • LED Products The Wolfspeed segment includes silicon carbide materials, power devices and RF devices and the LED Products segment includes LED chips and LED components. Financial Results by Reportable Segment The tables below reflect the results of the Company's reportable segments as reviewed by the CODM for the three and six month periods ended December 29, 2019 and December 30, 2018. The Company used the same accounting policies to derive the segment results reported below as those used in the Company’s consolidated financial statements. The Company’s CODM does not review inter-segment transactions when evaluating segment performance and allocating resources to each segment, and inter-segment transactions are not included in the segment revenue presented in the table below. As such, total segment revenue in the table below is equal to the Company’s consolidated revenue. The Company’s CODM reviews gross profit as the lowest and only level of segment profit. As such, all items below gross profit in the consolidated statements of operations must be included to reconcile the consolidated gross profit presented in the table below to the Company’s consolidated loss before income taxes. In order to determine gross profit for each reportable segment, the Company allocates direct costs and indirect costs to each segment’s cost of revenue. The Company allocates indirect costs, such as employee benefits for manufacturing employees, shared facilities services, information technology, purchasing, and customer service, when the costs are identifiable and beneficial to the reportable segment. The Company allocates these indirect costs based on a reasonable measure of utilization that considers the specific facts and circumstances of the costs being allocated. Unallocated costs in the table below consisted primarily of manufacturing employees’ stock-based compensation, expenses for profit sharing and quarterly or annual incentive plans, and matching contributions under the Company’s 401(k) plan. These costs were not allocated to the reportable segments' gross profit because the Company’s CODM does not review them regularly when evaluating segment performance and allocating resources. The cost of goods sold (COGS) acquisition related cost adjustment includes acquisition costs related to our acquisition of the RF Power (RF Power) business of Infineon Technologies AG (Infineon) impacting cost of revenue for fiscal 2019. These costs were not allocated to the reportable segments' gross profit for fiscal 2019 because they represent an adjustment which does not provide comparability to the corresponding prior period and therefore were not reviewed by the Company's CODM when evaluating segment performance and allocating resources. Revenue, gross profit and gross margin for each of the Company's segments were as follows: Three months ended Six months ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Revenue: Wolfspeed revenue $120.7 $135.3 $248.4 $262.7 LED Products revenue 119.2 145.2 234.3 292.0 Total revenue $239.9 $280.5 $482.7 $554.7 Gross Profit and Gross Margin: Wolfspeed gross profit $41.8 $64.7 $100.8 $125.1 Wolfspeed gross margin 34.6 % 47.8 % 40.6 % 47.6 % LED Products gross profit 26.5 43.5 48.6 84.8 LED Products gross margin 22.2 % 30.0 % 20.7 % 29.0 % Total segment gross profit 68.3 108.2 149.4 209.9 Unallocated costs (6.4) (4.7) (13.3) (6.9) COGS acquisition related costs — — — (1.2) Consolidated gross profit $61.9 $103.5 $136.1 $201.8 Consolidated gross margin 25.8 % 36.9 % 28.2 % 36.4 % Geographic Information The Company conducts business in several geographic areas. Revenue is attributed to a particular geographic region based on the shipping address for the products. Disaggregated revenue from external customers by geographic area is as follows: Three months ended Six months ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue United States $60.7 25.3 % $62.8 22.4 % $116.1 24.1 % $129.0 23.3 % China 72.2 30.1 % 105.6 37.6 % 145.4 30.1 % 206.6 37.2 % Europe 60.5 25.2 % 64.1 22.9 % 123.5 25.6 % 133.9 24.1 % Other 46.5 19.4 % 48.0 17.1 % 97.7 20.2 % 85.2 15.4 % Total $239.9 $280.5 $482.7 $554.7 Assets by Reportable Segment Inventories are the only assets reviewed by the Company’s CODM when evaluating segment performance and allocating resources to the segments. The CODM reviews all of the Company's assets other than inventories on a consolidated basis. Unallocated inventories in the table below were not allocated to the reportable segments because the Company’s CODM does not review them when evaluating performance and allocating resources to each segment. Unallocated inventories consisted primarily of manufacturing employees’ stock-based compensation, profit sharing and quarterly or annual incentive compensation, matching contributions under the Company’s 401(k) plan, and acquisition related costs. Inventories for each of the Company's segments were as follows: December 29, 2019 June 30, 2019 Wolfspeed $84.6 $81.6 LED Products 76.2 99.2 Total segment inventories 160.8 180.8 Unallocated inventories 4.5 6.6 Consolidated inventories $165.3 $187.4

Restructuring

Restructuring	6 Months Ended
	Dec. 29, 2019
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The Company has approved various operational plans that include restructuring costs. All restructuring costs are recorded in other operating expense on the consolidated statement of operations. Corporate Restructuring In April 2018, the Company approved a corporate restructuring plan. The purpose was to restructure and realign the Company's cost base with the long-range business strategy that was announced in February 2018. The restructuring activity was completed in the second quarter of fiscal 2019. For the three and six months ended December 30, 2018, $0.0 million and $2.6 million was expensed relating to this corporate restructuring plan. Factory Optimization Restructuring In May 2019, the Company started a significant, multi-year factory optimization plan anchored by a state-of-the-art, automated 200mm capable silicon carbide and GaN fabrication facility and a large materials factory at its U.S. campus headquarters in Durham, North Carolina. As part of the plan, the Company will incur restructuring charges associated with the movement of equipment as well as disposals on certain long-lived assets. The Company expects approximately $70.0 million in restructuring charges related to the factory optimization plan to be incurred through 2024. For the three and six months ended December 29, 2019, the Company expensed and paid $1.2 million and $2.4 million of restructuring charges related to the factory optimization plan. In September 2019, the Company announced its intent to build the new fabrication facility in Marcy, New York to complement the factory expansion underway at its U.S. campus headquarters in Durham, North Carolina. The Company has not started building the facility and is currently evaluating the impact of this decision on future restructuring charges. Sales Representatives Restructuring In July 2019, the Company realigned its sales resources as part of the Company's transition to a more focused semiconductor company. As a result, the Company recorded $0.0 million and $0.8 million in contract termination costs during the three and six months ended December 29, 2019, of which $0.4 million is accrued in other current liabilities as of December 29, 2019.

Basis of Presentation and New_2

Basis of Presentation and New Accounting Standards (Policies)	6 Months Ended
	Dec. 29, 2019
Accounting Policies [Abstract]
Overview	Overview Cree, Inc. (the Company) is an innovator of wide bandgap semiconductors, focused on silicon carbide and gallium nitride materials, products for power and radio-frequency (RF) applications and specialty lighting-class light emitting diode (LED) products. The Company's silicon carbide and gallium nitride (GaN) materials and products are targeted for applications such as transportation, power supplies, inverters, wireless systems, and the Company's LEDs are targeted for indoor and outdoor lighting, electronic signs and signals and video displays. The Company operates in two reportable segments: • Wolfspeed , which consists of silicon carbide and GaN materials, power devices and RF devices based on wide bandgap semiconductor materials and silicon. The Company's materials products and power devices are used in electric vehicles, motor drives, power supplies, solar and transportation applications. The Company's materials products and RF devices are used in military communications, radar, satellite and telecommunication applications. • LED Products , which consists of LED chips and LED components. The Company's LED products enable its customers to develop and market LED-based products for lighting, video screens, automotive and specialty lighting applications. Previously, the Company designed, manufactured and sold LED lighting fixtures and lamps for the commercial, industrial and consumer markets. The Company referred to these product lines as the Lighting Products business unit. As discussed in Note 2, “Discontinued Operations,” on May 13, 2019, the Company sold its Lighting Products business unit to IDEAL Industries, Inc. (IDEAL). Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to the Company's continuing operations. The majority of the Company's products are manufactured at its production facilities located in North Carolina, California, Arkansas and China. The Company also uses contract manufacturers for certain products and aspects of product fabrication, assembly and packaging. The Company operates research and development facilities in North Carolina, Arizona, Arkansas, California and China (including Hong Kong). Cree, Inc. is a North Carolina corporation established in 1987, and its headquarters are in Durham, North Carolina.
Basis of Presentation	Basis of Presentation The consolidated financial statements presented herein have been prepared by the Company and have not been audited. In the opinion of management, all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations, comprehensive loss, shareholders' equity and cash flows at December 29, 2019, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 30, 2019 has been derived from the audited financial statements as of that date. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 (fiscal 2019). The results of operations for the three and six months ended December 29, 2019 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 28, 2020 (fiscal 2020). Historical periods presented include reclassifications to reflect discontinued operations (see Note 2, "Discontinued Operations"). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. Actual amounts could differ materially from those estimates.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Pending Adoption	Recently Adopted Accounting Pronouncements Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02: Leases (Topic 842) (ASC 842), and ASU 2018-10: Codification Improvements to ASC 842, Leases. These ASUs require that a lessee recognize in its statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term and requires enhanced disclosures about an entity’s leasing arrangements. The Company adopted this standard on July 1, 2019, under the modified retrospective transition approach with the cumulative effect of application recognized at the effective date, without adjustment to prior comparative periods. The Company elected to utilize the transition package of practical expedients that allows the Company to not reassess (1) whether any expired or existing contracts are leases, or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases. Further, the Company elected the practical expedient to not separate lease and non-lease components for all leases and account for the combined lease and non-lease components as a single lease component. The Company also made an accounting policy election to exclude leases with an initial term of 12 months or less from the consolidated balance sheets. The adoption of the new standard resulted in the recognition of $12.2 million of lease liabilities with corresponding right-of-use assets of $12.3 million as of July 1, 2019. As required, the right-of-use assets include the effect of reclassifying certain balances including deferred and prepaid rent, a portion of facilities-related restructuring accrual reserves, and a favorable lease intangible asset previously recognized in connection with an acquisition. The Company did not have a cumulative-effect adjustment to retained earnings as a result of the adoption of the new standard. The standard did not materially impact the Company's results from operations and had no impact on cash flows. See Note 4, "Leases," for additional disclosures, as required by the new standard. The reported results as of and for the three and six months ended December 29, 2019 reflect the application of the new accounting guidance, while the reported results for prior periods have not been adjusted and continue to be reported in accordance with the Company's historical accounting under ASC 840, Leases. Accounting Pronouncements Pending Adoption Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU introduces a new accounting model known as Credit Expected Credit Losses (“CECL”). CECL requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaces the multiple existing impairment models in current GAAP, which generally require that a loss be incurred before it is recognized. The new standard will also apply to receivables arising from revenue transactions such as contract assets and accounts receivables. There are other provisions within the standard affecting how impairments of other financial assets may be recorded and presented, as well as expanded disclosures. The Company will adopt this standard on June 29, 2020 and is currently evaluating the impact on its consolidated financial statements. Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also improves consistent application and simplifies other areas of Topic 740 by clarifying and amending existing guidance. Early adoption is permitted, provided that the Company reflects any adjustments as of the beginning of the annual period that includes the interim period for which such early adoption occurs. Additionally, the Company must adopt all the
Financial Results by Reportable Segment	Financial Results by Reportable Segment The tables below reflect the results of the Company's reportable segments as reviewed by the CODM for the three and six month periods ended December 29, 2019 and December 30, 2018. The Company used the same accounting policies to derive the segment results reported below as those used in the Company’s consolidated financial statements.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Dec. 29, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The Company has classified the results of the Lighting Products business unit as discontinued operations, the results of which for the three and six months ended December 30, 2018 are as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 30, 2018 December 30, 2018 Revenue, net $132.5 $266.6 Cost of revenue, net 100.8 205.0 Gross profit 31.7 61.6 Operating expenses: Research and development 8.9 18.6 Sales, general and administrative 23.2 47.0 Amortization or impairment of acquisition-related intangibles 2.5 7.1 Loss on disposal or impairment of long-lived assets 0.2 0.3 Other operating expense (0.5) 1.4 Operating loss (2.6) (12.8) Non-operating income (0.1) (0.3) Loss before income taxes (2.5) (12.5) Income tax expense (0.2) 0.1 Net loss ($2.3) ($12.6)

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 29, 2019
Leases [Abstract]
Schedule of Lease Assets and Liabilities	Lease assets and liabilities as of December 29, 2019, and the corresponding balance sheet classifications, are as follows (in millions of U.S. Dollars): Operating Leases: Right-of-use asset (1) $14.2 Current lease liability (2) 5.2 Non-current lease liability (3) 8.8 Total operating lease liabilities 14.0 Finance Leases: Finance lease assets (1) 3.7 Current portion of finance lease obligations (2) 0.9 Finance lease obligations, less current portion (3) 2.3 Total finance lease obligations 3.2 (1) Within other assets on the consolidated balance sheets. (2) Within other current liabilities on the consolidated balance sheets. (3) Within other long-term liabilities on the consolidated balance sheets.
Schedule of Cash Flow Information	Cash flow information consisted of the following: Six months ended (in millions of U.S. Dollars) December 29, 2019 Cash used in operating activities: Cash paid for operating leases $1.6 Cash paid for interest portion of financing leases (1) — Cash used in financing activities: Cash paid for principal portion of finance leases 0.1 Non-cash operating activities: Operating lease additions due to adoption of ASC 842 12.2 Operating lease modifications, net 4.6 Finance lease additions 3.3 (1) Less than $0.1 million for the six months ended December 29, 2019.
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating and finance lease liabilities as of December 29, 2019 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 28, 2020 (remainder of fiscal 2020) $3.5 $0.7 $4.2 June 27, 2021 4.3 0.4 4.7 June 26, 2022 3.4 0.4 3.8 June 25, 2023 1.8 0.4 2.2 June 30, 2024 0.9 0.4 1.3 Thereafter 1.0 1.2 2.2 Total lease payments 14.9 3.5 18.4 Imputed lease interest (0.9) (0.3) (1.2) Total lease liabilities $14.0 $3.2 $17.2
Schedule of Maturities of Finance Lease Liabilities	Maturities of operating and finance lease liabilities as of December 29, 2019 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 28, 2020 (remainder of fiscal 2020) $3.5 $0.7 $4.2 June 27, 2021 4.3 0.4 4.7 June 26, 2022 3.4 0.4 3.8 June 25, 2023 1.8 0.4 2.2 June 30, 2024 0.9 0.4 1.3 Thereafter 1.0 1.2 2.2 Total lease payments 14.9 3.5 18.4 Imputed lease interest (0.9) (0.3) (1.2) Total lease liabilities $14.0 $3.2 $17.2
Schedule of Weighted Average Remaining Lease Term and Discount Rates of Leases	Operating Leases Finance Leases Weighted average remaining lease term (in months) 42 83 Weighted average discount rate 3.72 % 3.40 %
Schedule of Future Minimum Rental Payments on Operating Leases	As previously disclosed in the Company's Annual Report on Form 10-K for the year ended June 30, 2019 and under the previous lease accounting standard ASC 840, the aggregate future non-cancelable minimum rental payments on its operating leases as of June 30, 2019, were as follows: Fiscal Years Ending (in millions of U.S. Dollars) June 28, 2020 $4.1 June 27, 2021 2.3 June 26, 2022 1.2 June 25, 2023 0.7 June 30, 2024 — Thereafter — Total future minimum rental payments $8.3

Financial Statement Details (Ta

Financial Statement Details (Tables)	6 Months Ended
	Dec. 29, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Billed trade receivables $133.0 $125.8 Unbilled contract receivables 0.7 0.7 Royalties 3.9 2.8 137.6 129.3 Allowance for bad debts (0.4) (0.4) Accounts receivable, net $137.2 $128.9
Schedule of Inventories	Inventories consisted of the following: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Raw material $42.8 $42.4 Work-in-progress 81.4 101.1 Finished goods 41.1 43.9 Inventories $165.3 $187.4
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Accounts payable, trade $91.3 $90.7 Accrued salaries and wages 46.1 70.9 Accrued expenses 33.7 34.0 Other 5.6 5.3 Accounts payable and accrued expenses $176.7 $200.9
Schedule of Other Operating Expense	Other operating expense consisted of the following: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Factory optimization restructuring $1.2 $— $2.4 $— Severance and other restructuring — — 0.8 2.6 Total restructuring costs 1.2 — 3.2 2.6 Project, transformation and transaction costs 10.8 0.2 13.4 0.6 Factory optimization start-up costs 1.5 — 2.9 — Non-restructuring related executive severance 0.3 — 1.5 — Other operating expense $13.8 $0.2 $21.0 $3.2
Schedule of Accumulated Other Comprehensive Income, Net of Taxes	Accumulated other comprehensive income, net of taxes, consisted of the following: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Currency translation gain $9.5 $9.5 Net unrealized gain on available-for-sale securities 0.2 — Accumulated other comprehensive income, net of taxes $9.7 $9.5
Schedule of Non-Operating Expense (Income), Net	The following table summarizes the components of non-operating (income) expense, net: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Foreign currency (gain) loss, net ($1.2) $— ($1.1) $0.6 (Gain) loss on sale of investments, net (0.1) 0.1 (0.1) 0.1 (Gain) loss on equity investment, net (6.4) 1.9 (9.9) 8.6 Interest expense, net 2.8 3.6 4.7 6.0 Other, net (0.2) — (0.3) — Non-operating (income) expense, net ($5.1) $5.6 ($6.7) $15.3
Schedule of Noncash Operating Activities	Six months ended Non-cash operating activities December 29, 2019 December 30, 2018 Increase of right-of-use assets and lease liabilities (1) $15.5 $— Lease asset and liability modifications, net 4.6 — (1) $12.2 million relates to the increase of right-of-use assets and matching lease liabilities as a result of adopting ASC 842. See Note 4, "Leases", for further information.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Dec. 29, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-term Investments by Type	Short-term investments as of December 29, 2019 and June 30, 2019 consisted of the following: December 29, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $50.7 $0.4 $— $51.1 Corporate bonds 326.5 1.2 (0.1) 327.6 U.S. agency securities 21.5 — — 21.5 U.S. treasury securities 96.3 0.1 — 96.4 Non-U.S. certificates of deposit 45.6 — — 45.6 U.S. certificates of deposit 20.6 — — 20.6 Commercial paper 6.1 — — 6.1 Total short-term investments $567.3 $1.7 ($0.1) $568.9 June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Municipal bonds $78.2 $0.4 ($0.1) $78.5 Corporate bonds 256.0 1.0 — 257.0 U.S. agency securities 25.6 — — 25.6 U.S. treasury securities 92.4 0.1 — 92.5 Non-U.S. certificates of deposit 49.1 1.1 — 50.2 U.S. certificates of deposit 22.4 — — 22.4 Variable rate demand note 16.9 — — 16.9 Commercial paper 7.8 — — 7.8 Total short-term investments $548.4 $2.6 ($0.1) $550.9
Schedule of Gross Unrealized Losses and Fair Value of Short-term Investments by Type and Length of Time	The following tables present the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position: December 29, 2019 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $8.4 $— $1.5 $— $9.9 $— Corporate bonds 87.2 (0.1) — — 87.2 (0.1) U.S. agency securities 13.6 — — — 13.6 — U.S. treasury securities 35.8 — — — 35.8 — Total $145.0 ($0.1) $1.5 $— $146.5 ($0.1) Number of securities with an unrealized loss 111 2 113 June 30, 2019 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $4.3 $— $29.8 ($0.1) $34.1 ($0.1) Corporate bonds 41.8 — 14.7 — 56.5 — U.S. agency securities 7.7 — — — 7.7 — U.S. treasury securities 2.0 — 3.9 — 5.9 — Total $55.8 $— $48.4 ($0.1) $104.2 ($0.1) Number of securities with an unrealized loss 46 47 93
Schedule of Contractual Maturities of Short-term Investments by Type	The contractual maturities of short-term investments as of December 29, 2019 were as follows: Within One Year After One, Within Five Years After Five, Within Ten Years After Ten Years Total Municipal bonds $20.6 $30.5 $— $— $51.1 Corporate bonds 180.5 147.1 — — 327.6 U.S. agency securities 6.0 15.5 — — 21.5 U.S. treasury securities 80.6 15.8 — — 96.4 Non-U.S. certificates of deposit 44.6 1.0 — — 45.6 U.S. certificates of deposit 20.6 — — — 20.6 Commercial paper 6.1 — — — 6.1 Total short-term investments $359.0 $209.9 $— $— $568.9

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Dec. 29, 2019
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Carried at Fair Value	The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy: December 29, 2019 June 30, 2019 (in millions of U.S. Dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $53.3 $— $— $53.3 $95.0 $— $— $95.0 Corporate bonds — 3.6 — 3.6 — 15.0 — 15.0 U.S. agency securities — 13.0 — 13.0 — 18.8 — 18.8 U.S. treasury securities — — — — 2.5 — — 2.5 U.S. certificates of deposit — — — — — — — — Non-U.S. certificates of deposit — 47.3 — 47.3 — 105.8 — 105.8 Commercial paper — — — — — 1.0 — 1.0 Total cash equivalents 53.3 63.9 — 117.2 97.5 140.6 — 238.1 Short-term investments: Municipal bonds — 51.1 — 51.1 — 78.5 — 78.5 Corporate bonds — 327.6 — 327.6 — 257.0 — 257.0 U.S. agency securities — 21.5 — 21.5 — 25.6 — 25.6 U.S. treasury securities 96.4 — — 96.4 92.5 — — 92.5 U.S. certificates of deposit — 20.6 — 20.6 — 22.4 — 22.4 Non-U.S. certificates of deposit — 45.6 — 45.6 — 50.2 — 50.2 Commercial paper — 6.1 — 6.1 — 7.8 — 7.8 Variable rate demand note — — — — — 16.9 — 16.9 Total short-term investments 96.4 472.5 — 568.9 92.5 458.4 — 550.9 Other long-term investments: Common stock of non-U.S. corporations — 50.7 — 50.7 — 39.5 — 39.5 Total assets $149.7 $587.1 $— $736.8 $190.0 $638.5 $— $828.5

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Dec. 29, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill by Reporting Unit	Goodwill by reporting unit as of December 29, 2019 was as follows: (in millions of U.S. Dollars) December 29, 2019 Wolfspeed $349.7 LED Products 180.3 Total $530.0
Schedule of Components of Intangible Assets	The following table presents the components of intangible assets, net: December 29, 2019 June 30, 2019 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $147.8 ($66.9) $80.9 $147.8 ($63.8) $84.0 Developed technology 74.9 (27.0) 47.9 75.9 (24.5) 51.4 Non-compete agreements 12.2 (5.6) 6.6 12.2 (4.1) 8.1 Trade names, finite-lived 0.5 (0.5) — 0.5 (0.5) — Acquisition related intangible assets 235.4 (100.0) 135.4 236.4 (92.9) 143.5 Patent and licensing rights 112.8 (60.5) 52.3 120.4 (66.0) 54.4 Total intangible assets $348.2 ($160.5) $187.7 $356.8 ($158.9) $197.9
Schedule of Future Amortization Expense of Finite-lived Intangible Assets	Total future amortization expense of intangible assets is estimated to be as follows: (in millions of U.S. Dollars) Fiscal Year Ending Acquisition Related Intangibles Patents Total June 28, 2020 (remainder of fiscal 2020) $7.2 $4.4 $11.6 June 27, 2021 14.5 8.1 22.6 June 26, 2022 13.5 7.3 20.8 June 25, 2023 11.0 6.3 17.3 June 30, 2024 10.4 5.4 15.8 Thereafter 78.8 20.8 99.6 Total future amortization expense $135.4 $52.3 $187.7

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Dec. 29, 2019
Debt Disclosure [Abstract]
Schedule of Liability and Equity Components of Long-term Debt	The net carrying amount of the liability component of the Notes is as follows: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Principal $575.0 $575.0 Unamortized discount and issuance costs (94.5) (105.9) Net carrying amount $480.5 $469.1 The net carrying amount of the equity component of the Notes is as follows: (in millions of U.S. Dollars) December 29, 2019 June 30, 2019 Discount related to value of conversion option $113.3 $113.3 Debt issuance costs (2.7) (2.7) Net carrying amount $110.6 $110.6
Schedule of Interest Expense	The interest expense recognized related to the Notes is as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Interest expense $1.2 $1.3 $2.5 $1.7 Amortization of discount and issuance costs 5.8 5.4 11.4 7.2 Total interest expense $7.0 $6.7 $13.9 $8.9

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Dec. 29, 2019
Earnings Per Share [Abstract]
Schedule of Basic Earnings Per Share Computation	The details of the computation of basic and diluted loss per share are as follows: Three months ended Six months ended (in millions of U.S. Dollars, except share data) December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Net loss from continuing operations ($52.5) ($0.2) ($90.3) ($1.0) Net income attributable to noncontrolling interest 0.3 — 0.3 — Loss from continuing operations attributable to controlling interest (52.8) (0.2) (90.6) (1.0) Net loss from discontinued operations — (2.3) — (12.6) Net loss attributable to controlling interest ($52.8) ($2.5) ($90.6) ($13.6) Weighted average shares - basic and diluted (in thousands) 107,925 102,871 107,519 102,396 Loss per share - basic and diluted: Continuing operations attributable to controlling interest ($0.49) $— ($0.84) ($0.01) Discontinued operations $— ($0.02) $— ($0.12)
Schedule of Diluted Earnings Per Share Computation	The details of the computation of basic and diluted loss per share are as follows: Three months ended Six months ended (in millions of U.S. Dollars, except share data) December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Net loss from continuing operations ($52.5) ($0.2) ($90.3) ($1.0) Net income attributable to noncontrolling interest 0.3 — 0.3 — Loss from continuing operations attributable to controlling interest (52.8) (0.2) (90.6) (1.0) Net loss from discontinued operations — (2.3) — (12.6) Net loss attributable to controlling interest ($52.8) ($2.5) ($90.6) ($13.6) Weighted average shares - basic and diluted (in thousands) 107,925 102,871 107,519 102,396 Loss per share - basic and diluted: Continuing operations attributable to controlling interest ($0.49) $— ($0.84) ($0.01) Discontinued operations $— ($0.02) $— ($0.12)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Dec. 29, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Awards Outstanding	A summary of stock option awards outstanding as of December 29, 2019 and changes during the six months then ended is as follows: (shares in thousands) Number of Shares Weighted Average Exercise Price Outstanding at June 30, 2019 2,418 $39.81 Granted — $— Exercised (537) $36.42 Forfeited or expired (27) $50.34 Outstanding at December 29, 2019 1,854 $40.65
Schedule of Nonvested Restricted Stock Awards and Restricted Stock Unit Awards Outstanding	A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of December 29, 2019 and changes during the six months then ended is as follows: (awards and units in thousands) Number of RSAs/RSUs Weighted Average Nonvested at June 30, 2019 3,081 $34.99 Granted 988 $57.65 Vested (988) $30.39 Forfeited (144) $30.78 Nonvested at December 29, 2019 2,937 $44.37
Schedule of Total Stock-Based Compensation Expense	Total stock-based compensation expense was classified in the consolidated statements of operations as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Cost of revenue, net $2.5 $1.8 $4.7 $3.4 Research and development 2.4 2.2 4.8 3.7 Sales, general and administrative 8.1 7.0 20.4 13.9 Total stock-based compensation expense $13.0 $11.0 $29.9 $21.0

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Dec. 29, 2019
Segment Reporting [Abstract]
Schedule of Revenues, Gross Profit and Gross Margin by Segment	Revenue, gross profit and gross margin for each of the Company's segments were as follows: Three months ended Six months ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Revenue: Wolfspeed revenue $120.7 $135.3 $248.4 $262.7 LED Products revenue 119.2 145.2 234.3 292.0 Total revenue $239.9 $280.5 $482.7 $554.7 Gross Profit and Gross Margin: Wolfspeed gross profit $41.8 $64.7 $100.8 $125.1 Wolfspeed gross margin 34.6 % 47.8 % 40.6 % 47.6 % LED Products gross profit 26.5 43.5 48.6 84.8 LED Products gross margin 22.2 % 30.0 % 20.7 % 29.0 % Total segment gross profit 68.3 108.2 149.4 209.9 Unallocated costs (6.4) (4.7) (13.3) (6.9) COGS acquisition related costs — — — (1.2) Consolidated gross profit $61.9 $103.5 $136.1 $201.8 Consolidated gross margin 25.8 % 36.9 % 28.2 % 36.4 %
Schedule of Percentage of Revenues from External Customers by Geographic Area	Disaggregated revenue from external customers by geographic area is as follows: Three months ended Six months ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue United States $60.7 25.3 % $62.8 22.4 % $116.1 24.1 % $129.0 23.3 % China 72.2 30.1 % 105.6 37.6 % 145.4 30.1 % 206.6 37.2 % Europe 60.5 25.2 % 64.1 22.9 % 123.5 25.6 % 133.9 24.1 % Other 46.5 19.4 % 48.0 17.1 % 97.7 20.2 % 85.2 15.4 % Total $239.9 $280.5 $482.7 $554.7
Schedule of Inventories by Segment	Inventories for each of the Company's segments were as follows: December 29, 2019 June 30, 2019 Wolfspeed $84.6 $81.6 LED Products 76.2 99.2 Total segment inventories 160.8 180.8 Unallocated inventories 4.5 6.6 Consolidated inventories $165.3 $187.4

Basis of Presentation and New_3

Basis of Presentation and New Accounting Standards - Narrative (Details) $ in Millions	6 Months Ended		9 Months Ended
	Dec. 29, 2019USD ($)reportable_segments	Dec. 30, 2018USD ($)	Mar. 31, 2019USD ($)	Jul. 01, 2019USD ($)
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Number of reportable segments | reportable_segments	2
Net cash provided by (used in) operating activities	$ (11.8)	$ 127.7
Net cash provided by (used in) financing activities	14.5	288.3
Operating lease liability	14
Operating lease, right-of-use asset	$ 14.2
Accounting Standards Update 2016-02
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Operating lease liability				$ 12.2
Operating lease, right-of-use asset				$ 12.3
Restatement Adjustment
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]
Net cash provided by (used in) operating activities		11.9	$ 12.4
Net cash provided by (used in) financing activities		$ (11.9)	$ (12.4)

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Discontinued Operations, Held-for-sale or Disposed of by Sale - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 29, 2019	Dec. 29, 2019	May 13, 2019
Lighting Products
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate net proceeds from sale of business unit			$ 219
Loss on sale		$ 66.2
Transmission Service Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Administrative fees	$ 2.6	5.6
LED Supply Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	3.6	6.5
Contract liability	$ 11.6	11.6
Accounts Receivable, Net | Transmission Service Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Administrative fees		0.8
Accounts Receivable, Net | LED Supply Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		$ 1.8

Discontinued Operations - Finan

Discontinued Operations - Financial Results (Details) - Lighting Products - Discontinued Operations, Held-for-sale or Disposed of by Sale - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 30, 2018	Dec. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, net	$ 132.5	$ 266.6
Cost of revenue, net	100.8	205
Gross profit	31.7	61.6
Research and development	8.9	18.6
Sales, general and administrative	23.2	47
Amortization or impairment of acquisition-related intangibles	2.5	7.1
Loss on disposal or impairment of long-lived assets	0.2	0.3
Other operating expense	(0.5)	1.4
Operating loss	(2.6)	(12.8)
Non-operating income	(0.1)	(0.3)
Loss before income taxes	(2.5)	(12.5)
Income tax expense	(0.2)	0.1
Net loss	$ (2.3)	$ (12.6)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 29, 2019	Dec. 29, 2019	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 88.8	$ 88.8	$ 80.4
Revenue recognized during period	$ 1.2	$ 2.2

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) $ in Millions	Dec. 29, 2019USD ($)
Leases [Abstract]
Operating lease, right-of-use asset	$ 14.2
Current operating lease liability	5.2
Noncurrent operating lease liability	8.8
Total operating lease liabilities	14
Finance lease assets	3.7
Current portion of finance lease obligations	0.9
Finance lease obligations, less current portion	2.3
Total finance lease obligations	$ 3.2

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 29, 2019USD ($)	Dec. 29, 2019USD ($)reportable_segments
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 1.6	$ 3
Finance lease amortization and interest expense (less than)	$ 0.1	$ 0.1
Minimum
Lessee, Lease, Description [Line Items]
Number of renewal options | reportable_segments		1
Renewal term of leases		1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term of leases		5 years

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018
Cash used in operating activities:
Cash paid for operating leases	$ 1.6
Cash paid for interest portion of financing leases	0
Cash used in financing activities:
Cash paid for principal portion of finance leases	0.1
Non-cash operating activities:
Operating lease additions due to adoption of ASC 842	12.2
Operating lease modifications, net	4.6	$ 0
Finance lease additions	$ 3.3

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Millions	Dec. 29, 2019USD ($)
Operating Leases
June 28, 2020 (remainder of fiscal 2020)	$ 3.5
June 27, 2021	4.3
June 26, 2022	3.4
June 25, 2023	1.8
June 30, 2024	0.9
Thereafter	1
Total lease payments	14.9
Imputed lease interest	(0.9)
Total lease liabilities	14
Finance Leases
June 28, 2020 (remainder of fiscal 2020)	0.7
June 27, 2021	0.4
June 26, 2022	0.4
June 25, 2023	0.4
June 30, 2024	0.4
Thereafter	1.2
Total lease payments	3.5
Imputed lease interest	(0.3)
Total lease liabilities	3.2
Total
June 28, 2020 (remainder of fiscal 2020)	4.2
June 27, 2021	4.7
June 26, 2022	3.8
June 25, 2023	2.2
June 30, 2024	1.3
Thereafter	2.2
Total lease payments	18.4
Imputed lease interest	(1.2)
Total lease liabilities	$ 17.2

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 29, 2019
Leases [Abstract]
Weighted average remaining lease term of operating leases (in months)	42 months
Weighted average remaining lease term of finance leases (in months)	83 months
Weighted average discount rate of operating leases (as a percent)	3.72%
Weighted average discount rate of finance leases (as a percent)	3.40%

Leases - Future Minimum Rental

Leases - Future Minimum Rental Payments (Details) $ in Millions	Jun. 30, 2019USD ($)
Leases [Abstract]
June 28, 2020	$ 4.1
June 27, 2021	2.3
June 26, 2022	1.2
June 25, 2023	0.7
June 30, 2024	0
Thereafter	0
Total future minimum rental payments	$ 8.3

Financial Statement Details - A

Financial Statement Details - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 137.6	$ 129.3
Allowance for bad debts	(0.4)	(0.4)
Accounts receivable, net	137.2	128.9
Royalties
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	3.9	2.8
Billed trade receivables
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	133	125.8
Unbilled contract receivables
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 0.7	$ 0.7

Financial Statement Details - I

Financial Statement Details - Inventories (Details) - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Inventory, Net [Abstract]
Raw material	$ 42.8	$ 42.4
Work-in-progress	81.4	101.1
Finished goods	41.1	43.9
Inventories	$ 165.3	$ 187.4

Financial Statement Details -_2

Financial Statement Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable, trade	$ 91.3	$ 90.7
Accrued salaries and wages	46.1	70.9
Accrued expenses	33.7	34
Other	5.6	5.3
Accounts payable and accrued expenses	$ 176.7	$ 200.9

Financial Statement Details - O

Financial Statement Details - Other Operating Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Factory optimization restructuring	$ 1.2	$ 0	$ 2.4	$ 0
Severance and other restructuring	0	0	0.8	2.6
Total restructuring costs	1.2	0	3.2	2.6
Project, transformation and transaction costs	10.8	0.2	13.4	0.6
Factory optimization start-up costs	1.5	0	2.9	0
Non-restructuring related executive severance	0.3	0	1.5	0
Other operating expense	$ 13.8	$ 0.2	$ 21	$ 3.2

Financial Statement Details -_3

Financial Statement Details - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Currency translation gain	$ 9.5	$ 9.5
Net unrealized gain on available-for-sale securities	0.2	0
Accumulated other comprehensive income, net of taxes	$ 9.7	$ 9.5

Financial Statement Details - N

Financial Statement Details - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accrued property and equipment			$ 6.2	$ 16.3
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), net of tax	$ (0.1)	$ 0.1	$ (0.1)	$ 0.1

Financial Statement Details -_4

Financial Statement Details - Non-Operating Expense (Income), Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Foreign currency (gain) loss, net	$ (1.2)	$ 0	$ (1.1)	$ 0.6
(Gain) loss on sale of investments, net	(0.1)	0.1	(0.1)	0.1
(Gain) loss on equity investment, net	(6.4)	1.9	(9.9)	8.6
Interest expense, net	2.8	3.6	4.7	6
Other, net	(0.2)	0	(0.3)	0
Non-operating (income) expense, net	$ (5.1)	$ 5.6	$ (6.7)	$ 15.3

Financial Statement Details -_5

Financial Statement Details - Non-cash Operating Activities (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Increase of right-of-use assets and lease liabilities	$ 15.5	$ 0
Lease asset and liability modifications, net	4.6	$ 0
Increase of right-of-use assets and lease liabilities upon adoption of ASC 842	$ 12.2

Investments - Short-term Invest

Investments - Short-term Investments by Type (Details) - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 567.3	$ 548.4
Gross Unrealized Gains	1.7	2.6
Gross Unrealized Losses	(0.1)	(0.1)
Estimated Fair Value	568.9	550.9
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	50.7	78.2
Gross Unrealized Gains	0.4	0.4
Gross Unrealized Losses	0	(0.1)
Estimated Fair Value	51.1	78.5
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	326.5	256
Gross Unrealized Gains	1.2	1
Gross Unrealized Losses	(0.1)	0
Estimated Fair Value	327.6	257
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21.5	25.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	21.5	25.6
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	96.3	92.4
Gross Unrealized Gains	0.1	0.1
Gross Unrealized Losses	0	0
Estimated Fair Value	96.4	92.5
Certificates of deposit | Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	45.6	49.1
Gross Unrealized Gains	0	1.1
Gross Unrealized Losses	0	0
Estimated Fair Value	45.6	50.2
Certificates of deposit | United States
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20.6	22.4
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	20.6	22.4
Variable rate demand note
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		16.9
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Estimated Fair Value	0	16.9
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6.1	7.8
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 6.1	$ 7.8

Investments - Investment Securi

Investments - Investment Securities, Aggregated by Investment Type and Length of Time (Details) $ in Millions	Dec. 29, 2019USD ($)security	Jun. 30, 2019USD ($)security
Debt Securities, Available-for-sale [Line Items]
Fair value of securities in an unrealized loss position for less than 12 months	$ 145	$ 55.8
Fair value of securities in an unrealized loss position for greater than 12 months	1.5	48.4
Fair value of securities in an unrealized loss position	146.5	104.2
Accumulated unrealized loss of securities in an unrealized loss position for less than 12 months	(0.1)	0
Accumulated unrealized loss of securities in an unrealized loss position for greater than 12 months	0	(0.1)
Accumulated unrealized loss of securities in an unrealized loss position	$ (0.1)	$ (0.1)
Number of securities in an unrealized loss position for less than 12 months | security	111	46
Number of securities in an unrealized loss position for greater than 12 months | security	2	47
Number of securities in an unrealized loss position | security	113	93
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Fair value of securities in an unrealized loss position for less than 12 months	$ 8.4	$ 4.3
Fair value of securities in an unrealized loss position for greater than 12 months	1.5	29.8
Fair value of securities in an unrealized loss position	9.9	34.1
Accumulated unrealized loss of securities in an unrealized loss position for less than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position for greater than 12 months	0	(0.1)
Accumulated unrealized loss of securities in an unrealized loss position	0	(0.1)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Fair value of securities in an unrealized loss position for less than 12 months	87.2	41.8
Fair value of securities in an unrealized loss position for greater than 12 months	0	14.7
Fair value of securities in an unrealized loss position	87.2	56.5
Accumulated unrealized loss of securities in an unrealized loss position for less than 12 months	(0.1)	0
Accumulated unrealized loss of securities in an unrealized loss position for greater than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position	(0.1)	0
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value of securities in an unrealized loss position for less than 12 months	13.6	7.7
Fair value of securities in an unrealized loss position for greater than 12 months	0	0
Fair value of securities in an unrealized loss position	13.6	7.7
Accumulated unrealized loss of securities in an unrealized loss position for less than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position for greater than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position	0	0
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Fair value of securities in an unrealized loss position for less than 12 months	35.8	2
Fair value of securities in an unrealized loss position for greater than 12 months	0	3.9
Fair value of securities in an unrealized loss position	35.8	5.9
Accumulated unrealized loss of securities in an unrealized loss position for less than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position for greater than 12 months	0	0
Accumulated unrealized loss of securities in an unrealized loss position	$ 0	$ 0

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Realized gain (loss) on sale of investments	$ 0.1	$ (0.1)	$ 0.1	$ (0.1)

Investments - Contractual Matur

Investments - Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Debt Securities, Available-for-sale [Line Items]
Within One Year	$ 359
After One, Within Five Years	209.9
After Five, Within Ten Years	0
After Ten Years	0
Total	568.9	$ 550.9
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	20.6
After One, Within Five Years	30.5
After Five, Within Ten Years	0
After Ten Years	0
Total	51.1	78.5
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	180.5
After One, Within Five Years	147.1
After Five, Within Ten Years	0
After Ten Years	0
Total	327.6	257
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Within One Year	6
After One, Within Five Years	15.5
After Five, Within Ten Years	0
After Ten Years	0
Total	21.5	25.6
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Within One Year	80.6
After One, Within Five Years	15.8
After Five, Within Ten Years	0
After Ten Years	0
Total	96.4	92.5
Certificates of deposit | Non-US
Debt Securities, Available-for-sale [Line Items]
Within One Year	44.6
After One, Within Five Years	1
After Five, Within Ten Years	0
After Ten Years	0
Total	45.6	50.2
Certificates of deposit | United States
Debt Securities, Available-for-sale [Line Items]
Within One Year	20.6
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	20.6	22.4
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within One Year	6.1
After One, Within Five Years	0
After Five, Within Ten Years	0
After Ten Years	0
Total	$ 6.1	$ 7.8

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary (Details) - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 117.2	$ 238.1
Total short-term investments	568.9	550.9
Common stock of non-U.S. corporations	50.7	39.5
Total assets	736.8	828.5
Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	51.1	78.5
Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	327.6	257
U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	21.5	25.6
U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	96.4	92.5
Certificates of deposit | United States
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	20.6	22.4
Certificates of deposit | Non-US
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	45.6	50.2
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	6.1	7.8
Variable rate demand note
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	16.9
Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	53.3	95
Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	3.6	15
U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	13	18.8
U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	2.5
Certificates of deposit | United States
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Certificates of deposit | Non-US
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	47.3	105.8
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	1
Level 1
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	53.3	97.5
Total short-term investments	96.4	92.5
Common stock of non-U.S. corporations	0	0
Total assets	149.7	190
Level 1 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	96.4	92.5
Level 1 | Certificates of deposit | United States
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Certificates of deposit | Non-US
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Variable rate demand note
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	53.3	95
Level 1 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 1 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 1 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	2.5
Level 1 | Certificates of deposit | United States
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 1 | Certificates of deposit | Non-US
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 1 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	63.9	140.6
Total short-term investments	472.5	458.4
Common stock of non-U.S. corporations	50.7	39.5
Total assets	587.1	638.5
Level 2 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	51.1	78.5
Level 2 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	327.6	257
Level 2 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	21.5	25.6
Level 2 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 2 | Certificates of deposit | United States
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	20.6	22.4
Level 2 | Certificates of deposit | Non-US
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	45.6	50.2
Level 2 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	6.1	7.8
Level 2 | Variable rate demand note
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	16.9
Level 2 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	3.6	15
Level 2 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	13	18.8
Level 2 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2 | Certificates of deposit | United States
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2 | Certificates of deposit | Non-US
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	47.3	105.8
Level 2 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	1
Level 3
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Total short-term investments	0	0
Common stock of non-U.S. corporations	0	0
Total assets	0	0
Level 3 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | Certificates of deposit | United States
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | Certificates of deposit | Non-US
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | Variable rate demand note
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 3 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | Certificates of deposit | United States
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | Certificates of deposit | Non-US
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 0	$ 0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Goodwill [Line Items]
Goodwill	$ 530	$ 530
Wolfspeed
Goodwill [Line Items]
Goodwill	349.7
LED Products
Goodwill [Line Items]
Goodwill	$ 180.3

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
	Dec. 29, 2019	Sep. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets				$ 0
Amortization of acquisition-related intangibles	$ 3,600,000		$ 3,900,000	7,200,000	$ 7,800,000
Increase of right-of-use assets				15,500,000	0
Accounting Standards Update 2016-02
Finite-Lived Intangible Assets [Line Items]
Increase of right-of-use assets		$ 900,000
Patent and licensing rights
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 2,300,000		$ 2,500,000	$ 4,500,000	$ 4,900,000

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 348.2	$ 356.8
Accumulated Amortization	(160.5)	(158.9)
Total future amortization expense	187.7	197.9
Acquisition related intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	235.4	236.4
Accumulated Amortization	(100)	(92.9)
Total future amortization expense	135.4	143.5
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	147.8	147.8
Accumulated Amortization	(66.9)	(63.8)
Total future amortization expense	80.9	84
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	74.9	75.9
Accumulated Amortization	(27)	(24.5)
Total future amortization expense	47.9	51.4
Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	12.2	12.2
Accumulated Amortization	(5.6)	(4.1)
Total future amortization expense	6.6	8.1
Trade names, finite-lived
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	0.5	0.5
Accumulated Amortization	(0.5)	(0.5)
Total future amortization expense	0	0
Patent and licensing rights
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	112.8	120.4
Accumulated Amortization	(60.5)	(66)
Total future amortization expense	$ 52.3	$ 54.4

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
June 28, 2020 (remainder of fiscal 2020)	$ 11.6
June 27, 2021	22.6
June 26, 2022	20.8
June 25, 2023	17.3
June 30, 2024	15.8
Thereafter	99.6
Total future amortization expense	187.7	$ 197.9
Acquisition Related Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
June 28, 2020 (remainder of fiscal 2020)	7.2
June 27, 2021	14.5
June 26, 2022	13.5
June 25, 2023	11
June 30, 2024	10.4
Thereafter	78.8
Total future amortization expense	135.4	143.5
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
June 28, 2020 (remainder of fiscal 2020)	4.4
June 27, 2021	8.1
June 26, 2022	7.3
June 25, 2023	6.3
June 30, 2024	5.4
Thereafter	20.8
Total future amortization expense	$ 52.3	$ 54.4

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details)	Aug. 24, 2018USD ($)trading_day$ / sharesshares	Dec. 29, 2019USD ($)	Dec. 29, 2019USD ($)	Dec. 16, 2019USD ($)	Dec. 15, 2019USD ($)	Jun. 30, 2019USD ($)
Convertible Notes | Convertible Notes due September 1, 2023
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000
Stated interest rate (as a percent)	0.875%
Aggregate principal amount of conversion feature	$ 75,000,000		$ 110,600,000
Proceeds from Issuance of Long-term Debt	$ 562,100,000
Conversion rate (shares) | shares	16.6745
Conversion price (USD per share) | $ / shares	$ 59.97
Threshold percentage of stock price trigger (as a percent)	130.00%
Threshold trading days | trading_day	20
Threshold consecutive trading days | trading_day	30
Conversion ratio (as a percent)	1
Period of reported sale price of common stock	5 days
Period of consecutive reported sale price of common stock	10 days
Percentage of product of last reported price (as a percent)	98.00%
Carrying amount of equity component of convertible debt		$ 110,600,000	110,600,000			$ 110,600,000
Effective interest rate (as a percent)	0.49%
Convertible Notes | Convertible Notes due September 1, 2023 | Level 2
Debt Instrument [Line Items]
Fair value of debt instrument		619,600,000	619,600,000
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		250,000,000	$ 250,000,000	$ 250,000,000	$ 500,000,000
Commitment fee rate (as a percent)			0.25%
Outstanding borrowings		0	$ 0
Remaining borrowing capacity		$ 250,000,000	$ 250,000,000
Average interest rate (as a percent)		0.00%	0.00%

Long-term Debt - Liability and

Long-term Debt - Liability and Equity Component of Convertible Notes (Details) - Convertible Notes - Convertible Notes due September 1, 2023 - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Liability Component:
Principal	$ 575	$ 575
Unamortized discount and issuance costs	(94.5)	(105.9)
Net carrying amount	480.5	469.1
Equity Component:
Discount related to value of conversion option	113.3	113.3
Debt issuance costs	(2.7)	(2.7)
Net carrying amount	$ 110.6	$ 110.6

Long-term Debt - Interest Expen

Long-term Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Debt Instrument [Line Items]
Amortization of discount and issuance costs			$ 11.4	$ 7.2
Convertible Notes | Convertible Notes due September 1, 2023
Debt Instrument [Line Items]
Interest expense	$ 1.2	$ 1.3	2.5	1.7
Amortization of discount and issuance costs	5.8	5.4	11.4	7.2
Total interest expense	$ 7	$ 6.7	$ 13.9	$ 8.9

Loss Per Share - Summary (Detai

Loss Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (52.5)	$ (0.2)	$ (90.3)	$ (1)
Net income attributable to noncontrolling interest	0.3	0	0.3	0
Loss from continuing operations attributable to controlling interest	(52.8)	(0.2)	(90.6)	(1)
Net loss from discontinued operations	0	(2.3)	0	(12.6)
Net loss attributable to controlling interest	$ (52.8)	$ (2.5)	$ (90.6)	$ (13.6)
Weighted average shares - basic and diluted (shares)	107,925	102,871	107,519	102,396
Loss per share - basic and diluted:
Continuing operations attributable to controlling interest (USD per share)	$ (0.49)	$ 0	$ (0.84)	$ (0.01)
Discontinued operations (USD per share)	$ 0	$ (0.02)	$ 0	$ (0.12)

Loss Per Share - Narrative (Det

Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares excluded from diluted earnings per share calculation (shares)	5.2	6.4	5.5	6.6

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - plans	3 Months Ended	6 Months Ended
	Sep. 29, 2019	Dec. 29, 2019
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contribution of employee's compensation (as a percent)		15.00%
Employee stock plan purchase price of fair value (as a percent)		15.00%
Number of times employees can purchase stock per year		2
Discount from market price, beginning of participation period or purchase date (as a percent)		15.00%
2013 Long-Term Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity-based compensation plans	1

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Awards Outstanding (Details) - Stock Options shares in Thousands	6 Months Ended
	Dec. 29, 2019$ / sharesshares
Number of Shares
Outstanding at beginning of period (shares) | shares	2,418
Granted (shares) | shares	0
Exercised (shares) | shares	(537)
Forfeited or expired (shares) | shares	(27)
Outstanding at end of period (shares) | shares	1,854
Weighted Average Exercise Price
Outstanding at beginning of period (USD per share) | $ / shares	$ 39.81
Granted (USD per share) | $ / shares	0
Exercised (USD per share) | $ / shares	36.42
Forfeited or expired (USD per share) | $ / shares	50.34
Outstanding at end of period (USD per share) | $ / shares	$ 40.65

Stock-Based Compensation - Nonv

Stock-Based Compensation - Nonvested Shares of Restricted Stock Awards and Restricted Stock Units Outstanding (Details) - Restricted Stock Awards and Restricted Stock Units shares in Thousands	6 Months Ended
	Dec. 29, 2019$ / sharesshares
Number of RSAs/RSUs
Nonvested at beginning of period (shares) | shares	3,081
Granted (shares) | shares	988
Vested (shares) | shares	(988)
Forfeited (shares) | shares	(144)
Nonvested at end of period (shares) | shares	2,937
Weighted Average  Grant-Date Fair Value
Nonvested at beginning of period (USD per share) | $ / shares	$ 34.99
Granted (USD per share) | $ / shares	57.65
Vested (USD per share) | $ / shares	30.39
Forfeited (USD per share) | $ / shares	30.78
Nonvested at end of period (USD per share) | $ / shares	$ 44.37

Stock-Based Compensation - Tota

Stock-Based Compensation - Total Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 13	$ 11	$ 29.9	$ 21
Cost of revenue, net
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2.5	1.8	4.7	3.4
Research and development
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2.4	2.2	4.8	3.7
Sales, general and administrative
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 8.1	$ 7	$ 20.4	$ 13.9

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 29, 2019	Jun. 30, 2019
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 8.2	$ 8.2
Increase (decrease) in unrecognized tax benefits during the period	0
Estimated change in gross unrecognized tax benefits	0.9
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Valuation allowance of deferred tax assets		177.6
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Valuation allowance of deferred tax assets		$ 7.6
Increase (decrease) in valuation allowance of operating loss carryforward	$ 2.8

Reportable Segments - Financial

Reportable Segments - Financial Results by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Segment Reporting Information [Line Items]
Revenue	$ 239.9	$ 280.5	$ 482.7	$ 554.7
Gross profit	$ 61.9	$ 103.5	$ 136.1	$ 201.8
Gross margin (as a percent)	25.80%	36.90%	28.20%	36.40%
Operating Segments
Segment Reporting Information [Line Items]
Revenue	$ 239.9	$ 280.5	$ 482.7	$ 554.7
Gross profit	68.3	108.2	149.4	209.9
Operating Segments | Wolfspeed
Segment Reporting Information [Line Items]
Revenue	120.7	135.3	248.4	262.7
Gross profit	$ 41.8	$ 64.7	$ 100.8	$ 125.1
Gross margin (as a percent)	34.60%	47.80%	40.60%	47.60%
Operating Segments | LED Products
Segment Reporting Information [Line Items]
Revenue	$ 119.2	$ 145.2	$ 234.3	$ 292
Gross profit	$ 26.5	$ 43.5	$ 48.6	$ 84.8
Gross margin (as a percent)	22.20%	30.00%	20.70%	29.00%
Segment Reconciling Items
Segment Reporting Information [Line Items]
Gross profit	$ (6.4)	$ (4.7)	$ (13.3)	$ (6.9)
COGS acquisition related costs	$ 0	$ 0	$ 0	$ (1.2)

Reportable Segments - Percentag

Reportable Segments - Percentage of Revenues from Customers by Country (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Revenue from External Customer [Line Items]
Revenue	$ 239.9	$ 280.5	$ 482.7	$ 554.7
United States
Revenue from External Customer [Line Items]
Revenue	$ 60.7	$ 62.8	$ 116.1	$ 129
United States | Geographic Concentration Risk
Revenue from External Customer [Line Items]
% of Revenue	25.30%	22.40%	24.10%	23.30%
China
Revenue from External Customer [Line Items]
Revenue	$ 72.2	$ 105.6	$ 145.4	$ 206.6
China | Geographic Concentration Risk
Revenue from External Customer [Line Items]
% of Revenue	30.10%	37.60%	30.10%	37.20%
Europe
Revenue from External Customer [Line Items]
Revenue	$ 60.5	$ 64.1	$ 123.5	$ 133.9
Europe | Geographic Concentration Risk
Revenue from External Customer [Line Items]
% of Revenue	25.20%	22.90%	25.60%	24.10%
Other
Revenue from External Customer [Line Items]
Revenue	$ 46.5	$ 48	$ 97.7	$ 85.2
Other | Geographic Concentration Risk
Revenue from External Customer [Line Items]
% of Revenue	19.40%	17.10%	20.20%	15.40%

Reportable Segments - Inventory

Reportable Segments - Inventory by Reportable Segment (Details) - USD ($) $ in Millions	Dec. 29, 2019	Jun. 30, 2019
Segment Reporting Information [Line Items]
Inventories	$ 165.3	$ 187.4
Operating Segments
Segment Reporting Information [Line Items]
Inventories	160.8	180.8
Segment Reconciling Items
Segment Reporting Information [Line Items]
Inventories	4.5	6.6
Wolfspeed | Operating Segments
Segment Reporting Information [Line Items]
Inventories	84.6	81.6
LED Products | Operating Segments
Segment Reporting Information [Line Items]
Inventories	$ 76.2	$ 99.2

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2019	Dec. 30, 2018	Dec. 29, 2019	Dec. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring costs expensed	$ 1.2	$ 0	$ 3.2	$ 2.6
Corporate Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring costs expensed	0		2.6
Factory Optimization
Restructuring Cost and Reserve [Line Items]
Restructuring costs expensed	1.2		2.4
Restructuring charges expected to be incurred	70		70
Sales Representatives
Restructuring Cost and Reserve [Line Items]
Restructuring costs expensed	0		0.8
Restructuring costs accrued	$ 0.4		$ 0.4

Uncategorized Items - cree-2019

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 10,300,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	10,300,000
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 10,300,000